Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,563/mo
Lowest payment- Down payment
- $82,326
- Funds due
- $93,301
- Interest + MI left
- $451,476
- First ends
- Jul 2056
Assumption
Assumption + second
$2,885/mo
+$322/mo- Down payment
- $42,326
- Funds due
- $54,570
- Interest + MI left
- $527,342
- First ends
- Jul 2056
New loan
New conventional
$2,984/mo
+$422/mo- Down payment
- $42,326
- Funds due
- $51,113
- Interest + MI left
- $572,760
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,669 | $337,669 | $377,669 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,113.41 | $2,113.41 | $2,614.90 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $155.35 | $155.35 | $75.53 |
| Taxes, insurance & HOA | $293.92 | $293.92 | $293.92 |
| Total housing payment | $2,562.67 | $2,884.52 | $2,984.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,326
Closing costs & prepaids$12,244
Usable credit−$0
Total buyer cash needed$54,570
Earnest money paid−$0
Remaining funds due$54,570
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.95
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)$431.75
Prepaid interest, first (2 days)$117.86
Prepaid interest, second (2 days)$19.73
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 8 moOf the original 30-year loan at 6.370%
Interest already paid$7,187Through Nov 2026
Assumption only · ends Jul 2056$451,476
Assumption + second · ends Jul 2056, second Dec 2056$527,342
New conventional · ends Dec 2056$572,760