Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $85,610
- Funds due
- $97,627
- Interest + MI left
- $516,119
- First ends
- Jan 2056
Assumption
Assumption + second
$3,318/mo
+$290/mo- Down payment
- $49,610
- Funds due
- $62,895
- Interest + MI left
- $584,398
- First ends
- Jan 2056
New loan
New conventional
$3,472/mo
+$444/mo- Down payment
- $49,610
- Funds due
- $59,372
- Interest + MI left
- $667,793
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,390 | $404,390 | $440,390 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,506.50 | $2,506.50 | $3,049.17 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $187.17 | $187.17 | $88.08 |
| Taxes, insurance & HOA | $334.92 | $334.92 | $334.92 |
| Total housing payment | $3,028.59 | $3,318.26 | $3,472.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,610
Closing costs & prepaids$13,285
Usable credit−$0
Total buyer cash needed$62,895
Earnest money paid−$0
Remaining funds due$62,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$486.00
Initial HOA (3 months)$18.75
Prepaid interest, first (2 days)$137.83
Prepaid interest, second (2 days)$17.75
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 2 moOf the original 30-year loan at 6.220%
Interest already paid$21,076Through Nov 2026
Assumption only · ends Jan 2056$516,119
Assumption + second · ends Jan 2056, second Dec 2056$584,398
New conventional · ends Dec 2056$667,793