Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,028/mo
Lowest payment- Down payment
- $144,432
- Funds due
- $156,920
- Interest + MI left
- $494,931
- First ends
- Dec 2054
Assumption
Assumption + second
$3,736/mo
+$708/mo- Down payment
- $56,432
- Funds due
- $70,213
- Interest + MI left
- $661,835
- First ends
- Dec 2054
New loan
New conventional
$3,845/mo
+$818/mo- Down payment
- $56,432
- Funds due
- $66,621
- Interest + MI left
- $763,695
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $415,568 | $415,568 | $503,568 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,574.36 | $2,574.36 | $3,486.60 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $195.12 | $195.12 | $100.71 |
| Taxes, insurance & HOA | $258.17 | $258.17 | $258.17 |
| Total housing payment | $3,027.65 | $3,735.71 | $3,845.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,432
Closing costs & prepaids$13,781
Usable credit−$0
Total buyer cash needed$70,213
Earnest money paid−$0
Remaining funds due$70,213
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$138.45
Prepaid interest, second (2 days)$43.40
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 6.080%
Interest already paid$49,056Through Nov 2026
Assumption only · ends Dec 2054$494,931
Assumption + second · ends Dec 2054, second Dec 2056$661,835
New conventional · ends Dec 2056$763,695