Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
Lowest payment- Down payment
- $78,845
- Funds due
- $89,366
- Interest + MI left
- $394,278
- First ends
- Apr 2056
Assumption
Assumption + second
$2,648/mo
+$330/mo- Down payment
- $37,845
- Funds due
- $49,627
- Interest + MI left
- $472,040
- First ends
- Apr 2056
New loan
New conventional
$2,698/mo
+$380/mo- Down payment
- $37,845
- Funds due
- $46,204
- Interest + MI left
- $503,669
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,155 | $291,155 | $332,155 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,852.21 | $1,852.21 | $2,299.77 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $134.31 | $134.31 | $66.43 |
| Taxes, insurance & HOA | $331.58 | $331.58 | $331.58 |
| Total housing payment | $2,318.11 | $2,648.00 | $2,697.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,845
Closing costs & prepaids$11,782
Usable credit−$0
Total buyer cash needed$49,627
Earnest money paid−$0
Remaining funds due$49,627
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$526.00
Initial HOA (3 months)$18.75
Prepaid interest, first (1 days)$51.85
Prepaid interest, second (1 days)$10.11
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 5 moOf the original 30-year loan at 6.500%
Interest already paid$11,081Through Nov 2026
Assumption only · ends Apr 2056$394,278
Assumption + second · ends Apr 2056, second Dec 2056$472,040
New conventional · ends Dec 2056$503,669