Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,189/mo
Lowest payment- Down payment
- $62,243
- Funds due
- $74,185
- Interest + MI left
- $563,999
- First ends
- Jun 2056
Assumption
Assumption + second
$3,566/mo
+$377/mo- Down payment
- $25,243
- Funds due
- $38,447
- Interest + MI left
- $662,730
- First ends
- Jun 2056
New loan
New conventional
$3,668/mo
+$479/mo- Down payment
- $25,243
- Funds due
- $35,155
- Interest + MI left
- $717,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,657 | $434,657 | $471,657 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,680.71 | $2,680.71 | $3,265.66 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $200.18 | $200.18 | $94.33 |
| Taxes, insurance & HOA | $308.17 | $308.17 | $308.17 |
| Total housing payment | $3,189.06 | $3,566.09 | $3,668.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,243
Closing costs & prepaids$13,205
Usable credit−$0
Total buyer cash needed$38,447
Earnest money paid−$0
Remaining funds due$38,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,969.00
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)$424.50
Prepaid interest, first (1 days)$74.07
Prepaid interest, second (1 days)$12.04
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 6.220%
Interest already paid$11,298Through Nov 2026
Assumption only · ends Jun 2056$563,999
Assumption + second · ends Jun 2056, second Dec 2056$662,730
New conventional · ends Dec 2056$717,752