Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,306/mo
Lowest payment- Down payment
- $140,861
- Funds due
- $153,184
- Interest + MI left
- $254,209
- First ends
- Dec 2054
Assumption
Assumption + second
$2,990/mo
+$684/mo- Down payment
- $55,861
- Funds due
- $69,476
- Interest + MI left
- $415,424
- First ends
- Dec 2054
New loan
New conventional
$3,778/mo
+$1,472/mo- Down payment
- $55,861
- Funds due
- $65,952
- Interest + MI left
- $749,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,139 | $409,139 | $494,139 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,852.77 | $1,852.77 | $3,421.32 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $195.12 | $195.12 | $98.83 |
| Taxes, insurance & HOA | $258.17 | $258.17 | $258.17 |
| Total housing payment | $2,306.06 | $2,989.99 | $3,778.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,861
Closing costs & prepaids$13,614
Usable credit−$0
Total buyer cash needed$69,476
Earnest money paid−$0
Remaining funds due$69,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$274.50
Prepaid interest, first (2 days)$72.86
Prepaid interest, second (2 days)$41.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 1 moOf the original 30-year loan at 3.250%
Interest already paid$26,030Through Nov 2026
Assumption only · ends Dec 2054$254,209
Assumption + second · ends Dec 2054, second Dec 2056$415,424
New conventional · ends Dec 2056$749,296