Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,733/mo
Lowest payment- Down payment
- $68,948
- Funds due
- $81,914
- Interest + MI left
- $641,057
- First ends
- Feb 2056
Assumption
Assumption + second
$4,141/mo
+$408/mo- Down payment
- $28,948
- Funds due
- $43,177
- Interest + MI left
- $747,793
- First ends
- Feb 2056
New loan
New conventional
$4,275/mo
+$542/mo- Down payment
- $28,948
- Funds due
- $39,850
- Interest + MI left
- $831,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $506,052 | $506,052 | $546,052 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,113.91 | $3,113.91 | $3,780.75 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $234.02 | $234.02 | $109.21 |
| Taxes, insurance & HOA | $385.25 | $385.25 | $385.25 |
| Total housing payment | $3,733.18 | $4,140.78 | $4,275.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,948
Closing costs & prepaids$14,229
Usable credit−$0
Total buyer cash needed$43,177
Earnest money paid−$0
Remaining funds due$43,177
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$205.75
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$85.41
Prepaid interest, second (1 days)$13.01
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 3 moOf the original 30-year loan at 6.160%
Interest already paid$23,497Through Nov 2026
Assumption only · ends Feb 2056$641,057
Assumption + second · ends Feb 2056, second Dec 2056$747,793
New conventional · ends Dec 2056$831,073