Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,506/mo
Lowest payment- Down payment
- $51,298
- Funds due
- $62,998
- Interest + MI left
- $329,130
- First ends
- Jul 2056
Assumption
Assumption + second
$2,791/mo
+$285/mo- Down payment
- $23,298
- Funds due
- $36,257
- Interest + MI left
- $403,845
- First ends
- Jul 2056
New loan
New conventional
$3,467/mo
+$961/mo- Down payment
- $23,298
- Funds due
- $33,009
- Interest + MI left
- $662,914
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,621 | $407,621 | $435,621 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $3,016.15 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $186.83 | $186.83 | $87.12 |
| Taxes, insurance & HOA | $363.67 | $363.67 | $363.67 |
| Total housing payment | $2,505.53 | $2,790.85 | $3,466.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,298
Closing costs & prepaids$12,959
Usable credit−$0
Total buyer cash needed$36,257
Earnest money paid−$0
Remaining funds due$36,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,589.19
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)$120.00
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$44.56
Prepaid interest, second (1 days)$9.11
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 8 moOf the original 30-year loan at 3.990%
Interest already paid$5,441Through Nov 2026
Assumption only · ends Jul 2056$329,130
Assumption + second · ends Jul 2056, second Dec 2056$403,845
New conventional · ends Dec 2056$662,914