Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,549/mo
Lowest payment- Down payment
- $54,489
- Funds due
- $65,295
- Interest + MI left
- $411,602
- First ends
- Jan 2056
Assumption
Assumption + second
$2,906/mo
+$357/mo- Down payment
- $19,489
- Funds due
- $31,556
- Interest + MI left
- $504,996
- First ends
- Jan 2056
New loan
New conventional
$2,960/mo
+$410/mo- Down payment
- $19,489
- Funds due
- $28,318
- Interest + MI left
- $548,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,411 | $325,411 | $360,411 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,006.50 | $2,006.50 | $2,495.41 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $150.63 | $150.63 | $72.08 |
| Taxes, insurance & HOA | $392.25 | $392.25 | $392.25 |
| Total housing payment | $2,549.38 | $2,906.03 | $2,959.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,489
Closing costs & prepaids$12,067
Usable credit−$0
Total buyer cash needed$31,556
Earnest money paid−$0
Remaining funds due$31,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$288.75
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$55.01
Prepaid interest, second (1 days)$11.39
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 2 moOf the original 30-year loan at 6.170%
Interest already paid$16,824Through Nov 2026
Assumption only · ends Jan 2056$411,602
Assumption + second · ends Jan 2056, second Dec 2056$504,996
New conventional · ends Dec 2056$548,462