Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,312/mo
Lowest payment- Down payment
- $307,400
- Funds due
- $324,507
- Interest + MI left
- $748,066
- First ends
- Jun 2056
Assumption
Assumption + second
$5,860/mo
+$1,547/mo- Down payment
- $91,400
- Funds due
- $109,848
- Interest + MI left
- $1,089,148
- First ends
- Jun 2056
New loan
New conventional
$6,233/mo
+$1,921/mo- Down payment
- $91,400
- Funds due
- $105,926
- Interest + MI left
- $1,237,671
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $600,100 | $600,100 | $816,100 |
| Second mortgage | — | $216,000 | — |
| First P&I | $3,616.08 | $3,616.08 | $5,650.51 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $276.44 | $276.44 | $163.22 |
| Taxes, insurance & HOA | $419.66 | $419.66 | $419.66 |
| Total housing payment | $4,312.18 | $5,859.63 | $6,233.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,400
Closing costs & prepaids$18,448
Usable credit−$0
Total buyer cash needed$109,848
Earnest money paid−$0
Remaining funds due$109,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,075.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$554.00
Initial HOA (3 months)$54.99
Prepaid interest, first (2 days)$197.29
Prepaid interest, second (2 days)$91.73
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 7 moOf the original 30-year loan at 6.000%
Interest already paid$15,048Through Nov 2026
Assumption only · ends Jun 2056$748,066
Assumption + second · ends Jun 2056, second Dec 2056$1,089,148
New conventional · ends Dec 2056$1,237,671