Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,354/mo
Lowest payment- Down payment
- $96,879
- Funds due
- $107,524
- Interest + MI left
- $425,434
- First ends
- May 2056
Assumption
Assumption + second
$2,796/mo
+$443/mo- Down payment
- $41,879
- Funds due
- $53,801
- Interest + MI left
- $529,749
- First ends
- May 2056
New loan
New conventional
$2,842/mo
+$488/mo- Down payment
- $41,879
- Funds due
- $50,343
- Interest + MI left
- $558,207
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,121 | $313,121 | $368,121 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,990.08 | $1,990.08 | $2,548.80 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $144.31 | $144.31 | $73.62 |
| Taxes, insurance & HOA | $219.42 | $219.42 | $219.42 |
| Total housing payment | $2,353.80 | $2,796.35 | $2,841.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,879
Closing costs & prepaids$11,922
Usable credit−$0
Total buyer cash needed$53,801
Earnest money paid−$0
Remaining funds due$53,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$208.25
Prepaid interest, first (2 days)$111.52
Prepaid interest, second (2 days)$27.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 6.500%
Interest already paid$10,209Through Nov 2026
Assumption only · ends May 2056$425,434
Assumption + second · ends May 2056, second Dec 2056$529,749
New conventional · ends Dec 2056$558,207