Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,604/mo
Lowest payment- Down payment
- $58,181
- Funds due
- $70,966
- Interest + MI left
- $604,832
- First ends
- Mar 2056
Assumption
Assumption + second
$3,909/mo
+$306/mo- Down payment
- $28,181
- Funds due
- $42,226
- Interest + MI left
- $684,884
- First ends
- Mar 2056
New loan
New conventional
$4,127/mo
+$524/mo- Down payment
- $28,181
- Funds due
- $38,910
- Interest + MI left
- $794,087
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $491,819 | $491,819 | $521,819 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,966.52 | $2,966.52 | $3,612.97 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $227.27 | $227.27 | $104.36 |
| Taxes, insurance & HOA | $409.92 | $409.92 | $409.92 |
| Total housing payment | $3,603.70 | $3,909.40 | $4,127.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,181
Closing costs & prepaids$14,045
Usable credit−$0
Total buyer cash needed$42,226
Earnest money paid−$0
Remaining funds due$42,226
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$105.75
Initial HOA (3 months)$624.00
Prepaid interest, first (1 days)$80.58
Prepaid interest, second (1 days)$9.76
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 5.980%
Interest already paid$19,698Through Nov 2026
Assumption only · ends Mar 2056$604,832
Assumption + second · ends Mar 2056, second Dec 2056$684,884
New conventional · ends Dec 2056$794,087