Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,964/mo
Lowest payment- Down payment
- $72,910
- Funds due
- $84,456
- Interest + MI left
- $544,205
- First ends
- Aug 2056
Assumption
Assumption + second
$3,165/mo
+$201/mo- Down payment
- $47,910
- Funds due
- $60,712
- Interest + MI left
- $591,621
- First ends
- Aug 2056
New loan
New conventional
$3,272/mo
+$307/mo- Down payment
- $47,910
- Funds due
- $57,191
- Interest + MI left
- $639,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,580 | $396,580 | $421,580 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,513.51 | $2,513.51 | $2,918.93 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $182.26 | $182.26 | $84.32 |
| Taxes, insurance & HOA | $268.33 | $268.33 | $268.33 |
| Total housing payment | $2,964.10 | $3,165.26 | $3,271.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,910
Closing costs & prepaids$12,802
Usable credit−$0
Total buyer cash needed$60,712
Earnest money paid−$0
Remaining funds due$60,712
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,694.90
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)$50.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$70.62
Prepaid interest, second (1 days)$6.16
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 9 moOf the original 30-year loan at 6.500%
Interest already paid$6,456Through Nov 2026
Assumption only · ends Aug 2056$544,205
Assumption + second · ends Aug 2056, second Dec 2056$591,621
New conventional · ends Dec 2056$639,270