Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
Lowest payment- Down payment
- $123,854
- Funds due
- $136,630
- Interest + MI left
- $472,359
- First ends
- Feb 2056
Assumption
Assumption + second
$3,654/mo
+$612/mo- Down payment
- $47,854
- Funds due
- $61,917
- Interest + MI left
- $616,504
- First ends
- Feb 2056
New loan
New conventional
$3,685/mo
+$643/mo- Down payment
- $47,854
- Funds due
- $58,399
- Interest + MI left
- $647,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,146 | $351,146 | $427,146 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,238.09 | $2,238.09 | $2,957.47 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $162.29 | $162.29 | $85.43 |
| Taxes, insurance & HOA | $641.92 | $641.92 | $641.92 |
| Total housing payment | $3,042.30 | $3,653.81 | $3,684.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,854
Closing costs & prepaids$14,063
Usable credit−$0
Total buyer cash needed$61,917
Earnest money paid−$0
Remaining funds due$61,917
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$495.75
Initial HOA (3 months)$930.00
Prepaid interest, first (2 days)$125.07
Prepaid interest, second (2 days)$37.48
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 3 moOf the original 30-year loan at 6.500%
Interest already paid$17,199Through Nov 2026
Assumption only · ends Feb 2056$472,359
Assumption + second · ends Feb 2056, second Dec 2056$616,504
New conventional · ends Dec 2056$647,796