Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,005/mo
Lowest payment- Down payment
- $301,104
- Funds due
- $316,000
- Interest + MI left
- $498,015
- First ends
- Jun 2056
Assumption
Assumption + second
$4,652/mo
+$1,648/mo- Down payment
- $71,104
- Funds due
- $87,298
- Interest + MI left
- $861,205
- First ends
- Jun 2056
New loan
New conventional
$4,932/mo
+$1,928/mo- Down payment
- $71,104
- Funds due
- $83,552
- Interest + MI left
- $967,412
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,896 | $407,896 | $637,896 |
| Second mortgage | — | $230,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $4,416.66 |
| Second P&I | — | $1,647.75 | — |
| Mortgage insurance | $186.95 | $186.95 | $127.58 |
| Taxes, insurance & HOA | $388.17 | $388.17 | $388.17 |
| Total housing payment | $3,004.62 | $4,652.37 | $4,932.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,104
Closing costs & prepaids$16,194
Usable credit−$0
Total buyer cash needed$87,298
Earnest money paid−$0
Remaining funds due$87,298
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,090.00
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)$379.50
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$65.83
Prepaid interest, second (1 days)$48.84
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 7 moOf the original 30-year loan at 5.891%
Interest already paid$10,043Through Nov 2026
Assumption only · ends Jun 2056$498,015
Assumption + second · ends Jun 2056, second Dec 2056$861,205
New conventional · ends Dec 2056$967,412