Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,711/mo
Lowest payment- Down payment
- $65,308
- Funds due
- $76,815
- Interest + MI left
- $417,092
- First ends
- Jun 2056
Assumption
Assumption + second
$2,913/mo
+$201/mo- Down payment
- $40,308
- Funds due
- $53,077
- Interest + MI left
- $464,508
- First ends
- Jun 2056
New loan
New conventional
$3,103/mo
+$391/mo- Down payment
- $40,308
- Funds due
- $49,648
- Interest + MI left
- $545,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,592 | $334,592 | $359,592 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,016.19 | $2,016.19 | $2,489.74 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $154.13 | $154.13 | $71.92 |
| Taxes, insurance & HOA | $541.08 | $541.08 | $541.08 |
| Total housing payment | $2,711.40 | $2,912.56 | $3,102.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,308
Closing costs & prepaids$12,770
Usable credit−$0
Total buyer cash needed$53,077
Earnest money paid−$0
Remaining funds due$53,077
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,173.25
Prepaid interest, first (2 days)$110.00
Prepaid interest, second (2 days)$12.33
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$8,390Through Nov 2026
Assumption only · ends Jun 2056$417,092
Assumption + second · ends Jun 2056, second Dec 2056$464,508
New conventional · ends Dec 2056$545,345