Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,991/mo
Lowest payment- Down payment
- $101,155
- Funds due
- $112,987
- Interest + MI left
- $534,733
- First ends
- Jan 2056
Assumption
Assumption + second
$3,401/mo
+$410/mo- Down payment
- $50,155
- Funds due
- $63,250
- Interest + MI left
- $631,462
- First ends
- Jan 2056
New loan
New conventional
$3,467/mo
+$476/mo- Down payment
- $50,155
- Funds due
- $59,706
- Interest + MI left
- $682,219
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,844 | $398,844 | $449,844 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,544.54 | $2,544.54 | $3,114.63 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $184.51 | $184.51 | $89.97 |
| Taxes, insurance & HOA | $262.00 | $262.00 | $262.00 |
| Total housing payment | $2,991.05 | $3,401.41 | $3,466.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,155
Closing costs & prepaids$13,095
Usable credit−$0
Total buyer cash needed$63,250
Earnest money paid−$0
Remaining funds due$63,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$286.00
Prepaid interest, first (1 days)$71.03
Prepaid interest, second (1 days)$12.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing29 yr 2 moOf the original 30-year loan at 6.500%
Interest already paid$21,716Through Nov 2026
Assumption only · ends Jan 2056$534,733
Assumption + second · ends Jan 2056, second Dec 2056$631,462
New conventional · ends Dec 2056$682,219