Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,311/mo
Lowest payment- Down payment
- $115,821
- Funds due
- $128,927
- Interest + MI left
- $518,340
- First ends
- Feb 2056
Assumption
Assumption + second
$3,818/mo
+$507/mo- Down payment
- $52,821
- Funds due
- $67,193
- Interest + MI left
- $637,829
- First ends
- Feb 2056
New loan
New conventional
$3,968/mo
+$657/mo- Down payment
- $52,821
- Funds due
- $63,626
- Interest + MI left
- $716,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,179 | $409,179 | $472,179 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,517.82 | $2,517.82 | $3,269.27 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $189.22 | $189.22 | $94.44 |
| Taxes, insurance & HOA | $604.17 | $604.17 | $604.17 |
| Total housing payment | $3,311.20 | $3,818.11 | $3,967.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,821
Closing costs & prepaids$14,372
Usable credit−$0
Total buyer cash needed$67,193
Earnest money paid−$0
Remaining funds due$67,193
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,312.50
Prepaid interest, first (1 days)$69.06
Prepaid interest, second (1 days)$15.53
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 3 moOf the original 30-year loan at 6.160%
Interest already paid$18,999Through Nov 2026
Assumption only · ends Feb 2056$518,340
Assumption + second · ends Feb 2056, second Dec 2056$637,829
New conventional · ends Dec 2056$716,091