Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$395/mo
Lowest payment- Down payment
- $334,824
- Funds due
- $344,943
- Interest + MI left
- $25,536
- First ends
- Jun 2056
Assumption
Assumption + second
$2,537/mo
+$2,142/mo- Down payment
- $35,824
- Funds due
- $47,256
- Interest + MI left
- $497,683
- First ends
- Jun 2056
New loan
New conventional
$2,537/mo
+$2,141/mo- Down payment
- $35,824
- Funds due
- $43,845
- Interest + MI left
- $483,900
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $20,076 | $20,076 | $319,076 |
| Second mortgage | — | $299,000 | — |
| First P&I | $122.39 | $122.39 | $2,209.22 |
| Second P&I | — | $2,142.07 | — |
| Mortgage insurance | $9.25 | $9.25 | $63.82 |
| Taxes, insurance & HOA | $263.67 | $263.67 | $263.67 |
| Total housing payment | $395.30 | $2,537.38 | $2,536.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,824
Closing costs & prepaids$11,432
Usable credit−$0
Total buyer cash needed$47,256
Earnest money paid−$0
Remaining funds due$47,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$341.00
Prepaid interest, first (1 days)$3.36
Prepaid interest, second (1 days)$63.49
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 7 moOf the original 30-year loan at 6.110%
Interest already paid$513Through Nov 2026
Assumption only · ends Jun 2056$25,536
Assumption + second · ends Jun 2056, second Dec 2056$497,683
New conventional · ends Dec 2056$483,900