Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
Lowest payment- Down payment
- $87,218
- Funds due
- $99,641
- Interest + MI left
- $446,156
- First ends
- Jun 2056
Assumption
Assumption + second
$3,216/mo
+$274/mo- Down payment
- $53,218
- Funds due
- $66,899
- Interest + MI left
- $510,642
- First ends
- Jun 2056
New loan
New conventional
$3,740/mo
+$797/mo- Down payment
- $53,218
- Funds due
- $63,344
- Interest + MI left
- $715,395
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,782 | $437,782 | $471,782 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,361.77 | $2,361.77 | $3,266.52 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $201.88 | $201.88 | $94.36 |
| Taxes, insurance & HOA | $379.25 | $379.25 | $379.25 |
| Total housing payment | $2,942.89 | $3,216.46 | $3,740.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,218
Closing costs & prepaids$13,681
Usable credit−$0
Total buyer cash needed$66,899
Earnest money paid−$0
Remaining funds due$66,899
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$442.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$59.85
Prepaid interest, second (1 days)$8.38
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 4.990%
Interest already paid$9,136Through Nov 2026
Assumption only · ends Jun 2056$446,156
Assumption + second · ends Jun 2056, second Dec 2056$510,642
New conventional · ends Dec 2056$715,395