Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,361/mo
Lowest payment- Down payment
- $81,600
- Funds due
- $94,122
- Interest + MI left
- $594,935
- First ends
- Aug 2056
Assumption
Assumption + second
$3,602/mo
+$241/mo- Down payment
- $51,600
- Funds due
- $65,387
- Interest + MI left
- $651,834
- First ends
- Aug 2056
New loan
New conventional
$3,719/mo
+$358/mo- Down payment
- $51,600
- Funds due
- $61,841
- Interest + MI left
- $704,142
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,300 | $434,300 | $464,300 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,749.73 | $2,749.73 | $3,214.72 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $199.60 | $199.60 | $92.86 |
| Taxes, insurance & HOA | $411.42 | $411.42 | $411.42 |
| Total housing payment | $3,360.75 | $3,602.13 | $3,719.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,600
Closing costs & prepaids$13,787
Usable credit−$0
Total buyer cash needed$65,387
Earnest money paid−$0
Remaining funds due$65,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,159.00
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)$734.25
Prepaid interest, first (2 days)$154.44
Prepaid interest, second (2 days)$14.79
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 9 moOf the original 30-year loan at 6.490%
Interest already paid$7,059Through Nov 2026
Assumption only · ends Aug 2056$594,935
Assumption + second · ends Aug 2056, second Dec 2056$651,834
New conventional · ends Dec 2056$704,142