Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,691/mo
Lowest payment- Down payment
- $130,739
- Funds due
- $144,391
- Interest + MI left
- $623,281
- First ends
- May 2056
Assumption
Assumption + second
$4,254/mo
+$563/mo- Down payment
- $60,739
- Funds due
- $75,658
- Interest + MI left
- $756,046
- First ends
- May 2056
New loan
New conventional
$4,373/mo
+$683/mo- Down payment
- $60,739
- Funds due
- $72,011
- Interest + MI left
- $817,710
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,256 | $469,256 | $539,256 |
| Second mortgage | — | $70,000 | — |
| First P&I | $2,942.60 | $2,942.60 | $3,733.70 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $216.29 | $216.29 | $107.85 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $3,690.56 | $4,253.80 | $4,373.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,739
Closing costs & prepaids$14,919
Usable credit−$0
Total buyer cash needed$75,658
Earnest money paid−$0
Remaining funds due$75,658
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.95
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)$594.00
Initial HOA (3 months)$501.00
Prepaid interest, first (1 days)$81.89
Prepaid interest, second (1 days)$17.26
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 6 moOf the original 30-year loan at 6.370%
Interest already paid$14,995Through Nov 2026
Assumption only · ends May 2056$623,281
Assumption + second · ends May 2056, second Dec 2056$756,046
New conventional · ends Dec 2056$817,710