Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,519/mo
Lowest payment- Down payment
- $110,889
- Funds due
- $122,236
- Interest + MI left
- $406,923
- First ends
- Mar 2056
Assumption
Assumption + second
$3,058/mo
+$539/mo- Down payment
- $43,889
- Funds due
- $56,503
- Interest + MI left
- $533,998
- First ends
- Mar 2056
New loan
New conventional
$3,156/mo
+$637/mo- Down payment
- $43,889
- Funds due
- $53,022
- Interest + MI left
- $585,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,011 | $319,011 | $386,011 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,965.10 | $1,965.10 | $2,672.66 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $147.37 | $147.37 | $77.20 |
| Taxes, insurance & HOA | $406.42 | $406.42 | $406.42 |
| Total housing payment | $2,518.89 | $3,057.98 | $3,156.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,889
Closing costs & prepaids$12,614
Usable credit−$0
Total buyer cash needed$56,503
Earnest money paid−$0
Remaining funds due$56,503
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$493.25
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$54.01
Prepaid interest, second (1 days)$16.52
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 4 moOf the original 30-year loan at 6.180%
Interest already paid$13,202Through Nov 2026
Assumption only · ends Mar 2056$406,923
Assumption + second · ends Mar 2056, second Dec 2056$533,998
New conventional · ends Dec 2056$585,334