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
- $58,157
- Funds due
- $69,928
- Interest + MI left
- $329,130
- First ends
- Jul 2056
Assumption
Assumption + second
$2,853/mo
+$346/mo- Down payment
- $24,157
- Funds due
- $37,189
- Interest + MI left
- $419,856
- First ends
- Jul 2056
New loan
New conventional
$3,510/mo
+$1,004/mo- Down payment
- $24,157
- Funds due
- $33,931
- Interest + MI left
- $672,044
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,621 | $407,621 | $441,621 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $3,057.69 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $186.83 | $186.83 | $88.32 |
| Taxes, insurance & HOA | $364.42 | $364.42 | $364.42 |
| Total housing payment | $2,506.28 | $2,852.74 | $3,510.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,157
Closing costs & prepaids$13,032
Usable credit−$0
Total buyer cash needed$37,189
Earnest money paid−$0
Remaining funds due$37,189
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,657.78
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)$122.25
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$44.56
Prepaid interest, second (1 days)$11.06
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 8 moOf the original 30-year loan at 3.990%
Interest already paid$5,441Through Nov 2026
Assumption only · ends Jul 2056$329,130
Assumption + second · ends Jul 2056, second Dec 2056$419,856
New conventional · ends Dec 2056$672,044