Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,218/mo
Lowest payment- Down payment
- $91,495
- Funds due
- $103,859
- Interest + MI left
- $558,558
- First ends
- Jul 2056
Assumption
Assumption + second
$3,548/mo
+$330/mo- Down payment
- $50,495
- Funds due
- $64,119
- Interest + MI left
- $636,320
- First ends
- Jul 2056
New loan
New conventional
$3,641/mo
+$423/mo- Down payment
- $50,495
- Funds due
- $60,573
- Interest + MI left
- $681,615
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,505 | $408,505 | $449,505 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,591.48 | $2,591.48 | $3,112.28 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $187.23 | $187.23 | $89.90 |
| Taxes, insurance & HOA | $438.91 | $438.91 | $438.91 |
| Total housing payment | $3,217.62 | $3,547.52 | $3,641.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,495
Closing costs & prepaids$13,625
Usable credit−$0
Total buyer cash needed$64,119
Earnest money paid−$0
Remaining funds due$64,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$671.75
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$72.75
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 8 moOf the original 30-year loan at 6.500%
Interest already paid$8,871Through Nov 2026
Assumption only · ends Jul 2056$558,558
Assumption + second · ends Jul 2056, second Dec 2056$636,320
New conventional · ends Dec 2056$681,615