Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,356/mo
Lowest payment- Down payment
- $113,424
- Funds due
- $124,534
- Interest + MI left
- $388,560
- First ends
- May 2056
Assumption
Assumption + second
$2,927/mo
+$571/mo- Down payment
- $42,424
- Funds due
- $54,819
- Interest + MI left
- $523,222
- First ends
- May 2056
New loan
New conventional
$3,033/mo
+$677/mo- Down payment
- $42,424
- Funds due
- $51,360
- Interest + MI left
- $572,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,476 | $306,476 | $377,476 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,870.29 | $1,870.29 | $2,613.57 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $141.31 | $141.31 | $75.50 |
| Taxes, insurance & HOA | $344.33 | $344.33 | $344.33 |
| Total housing payment | $2,355.92 | $2,927.21 | $3,033.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,424
Closing costs & prepaids$12,395
Usable credit−$0
Total buyer cash needed$54,819
Earnest money paid−$0
Remaining funds due$54,819
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$283.00
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$102.61
Prepaid interest, second (2 days)$35.01
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 6 moOf the original 30-year loan at 6.110%
Interest already paid$9,396Through Nov 2026
Assumption only · ends May 2056$388,560
Assumption + second · ends May 2056, second Dec 2056$523,222
New conventional · ends Dec 2056$572,392