Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $102,585
- Funds due
- $112,883
- Interest + MI left
- $265,458
- First ends
- Mar 2056
Assumption
Assumption + second
$2,342/mo
+$531/mo- Down payment
- $36,585
- Funds due
- $48,166
- Interest + MI left
- $390,637
- First ends
- Mar 2056
New loan
New conventional
$2,607/mo
+$796/mo- Down payment
- $36,585
- Funds due
- $44,779
- Interest + MI left
- $498,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,415 | $262,415 | $328,415 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,422.58 | $1,422.58 | $2,273.88 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $121.46 | $121.46 | $65.68 |
| Taxes, insurance & HOA | $267.17 | $267.17 | $267.17 |
| Total housing payment | $1,811.20 | $2,342.25 | $2,606.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,585
Closing costs & prepaids$11,581
Usable credit−$0
Total buyer cash needed$48,166
Earnest money paid−$0
Remaining funds due$48,166
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$351.50
Prepaid interest, first (2 days)$71.89
Prepaid interest, second (2 days)$32.55
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 4 moOf the original 30-year loan at 5.000%
Interest already paid$8,796Through Nov 2026
Assumption only · ends Mar 2056$265,458
Assumption + second · ends Mar 2056, second Dec 2056$390,637
New conventional · ends Dec 2056$498,063