Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,998/mo
Lowest payment- Down payment
- $421,178
- Funds due
- $439,634
- Interest + MI left
- $575,931
- First ends
- Feb 2056
Assumption
Assumption + second
$6,383/mo
+$2,386/mo- Down payment
- $88,178
- Funds due
- $108,025
- Interest + MI left
- $1,101,766
- First ends
- Feb 2056
New loan
New conventional
$6,597/mo
+$2,600/mo- Down payment
- $88,178
- Funds due
- $104,117
- Interest + MI left
- $1,193,269
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $453,822 | $453,822 | $786,822 |
| Second mortgage | — | $333,000 | — |
| First P&I | $2,795.43 | $2,795.43 | $5,447.80 |
| Second P&I | — | $2,385.65 | — |
| Mortgage insurance | $209.86 | $209.86 | $157.36 |
| Taxes, insurance & HOA | $992.25 | $992.25 | $992.25 |
| Total housing payment | $3,997.54 | $6,383.20 | $6,597.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$88,178
Closing costs & prepaids$19,847
Usable credit−$0
Total buyer cash needed$108,025
Earnest money paid−$0
Remaining funds due$108,025
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,750.00
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)$2,326.75
Prepaid interest, first (2 days)$153.43
Prepaid interest, second (2 days)$141.41
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 3 moOf the original 30-year loan at 6.170%
Interest already paid$21,106Through Nov 2026
Assumption only · ends Feb 2056$575,931
Assumption + second · ends Feb 2056, second Dec 2056$1,101,766
New conventional · ends Dec 2056$1,193,269