Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,275/mo
Lowest payment- Down payment
- $53,882
- Funds due
- $64,190
- Interest + MI left
- $379,259
- First ends
- Mar 2056
Assumption
Assumption + second
$2,642/mo
+$367/mo- Down payment
- $17,882
- Funds due
- $29,463
- Interest + MI left
- $475,322
- First ends
- Mar 2056
New loan
New conventional
$2,696/mo
+$421/mo- Down payment
- $17,882
- Funds due
- $26,248
- Interest + MI left
- $513,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,118 | $301,118 | $337,118 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,841.32 | $1,841.32 | $2,334.14 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $139.12 | $139.12 | $67.42 |
| Taxes, insurance & HOA | $294.25 | $294.25 | $294.25 |
| Total housing payment | $2,274.69 | $2,641.53 | $2,695.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,882
Closing costs & prepaids$11,582
Usable credit−$0
Total buyer cash needed$29,463
Earnest money paid−$0
Remaining funds due$29,463
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$362.75
Initial HOA (3 months)$69.99
Prepaid interest, first (2 days)$100.81
Prepaid interest, second (2 days)$23.42
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 4 moOf the original 30-year loan at 6.110%
Interest already paid$12,321Through Nov 2026
Assumption only · ends Mar 2056$379,259
Assumption + second · ends Mar 2056, second Dec 2056$475,322
New conventional · ends Dec 2056$513,083