Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,506/mo
Lowest payment- Down payment
- $58,814
- Funds due
- $70,601
- Interest + MI left
- $332,229
- First ends
- Sep 2056
Assumption
Assumption + second
$2,863/mo
+$357/mo- Down payment
- $23,814
- Funds due
- $36,863
- Interest + MI left
- $425,623
- First ends
- Sep 2056
New loan
New conventional
$3,526/mo
+$1,019/mo- Down payment
- $23,814
- Funds due
- $33,609
- Interest + MI left
- $675,382
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,814 | $408,814 | $443,814 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $3,072.88 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $187.37 | $187.37 | $88.76 |
| Taxes, insurance & HOA | $363.92 | $363.92 | $363.92 |
| Total housing payment | $2,506.33 | $2,862.98 | $3,525.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,814
Closing costs & prepaids$13,049
Usable credit−$0
Total buyer cash needed$36,863
Earnest money paid−$0
Remaining funds due$36,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,676.28
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)$120.75
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$44.69
Prepaid interest, second (1 days)$11.39
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 10 moOf the original 30-year loan at 3.990%
Interest already paid$2,725Through Nov 2026
Assumption only · ends Sep 2056$332,229
Assumption + second · ends Sep 2056, second Dec 2056$425,623
New conventional · ends Dec 2056$675,382