Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,583/mo
Lowest payment- Down payment
- $97,452
- Funds due
- $108,782
- Interest + MI left
- $421,616
- First ends
- May 2056
Assumption
Assumption + second
$3,017/mo
+$434/mo- Down payment
- $43,452
- Funds due
- $56,046
- Interest + MI left
- $524,034
- First ends
- May 2056
New loan
New conventional
$3,154/mo
+$571/mo- Down payment
- $43,452
- Funds due
- $52,571
- Interest + MI left
- $586,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,548 | $332,548 | $386,548 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,029.40 | $2,029.40 | $2,676.38 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $153.33 | $153.33 | $77.31 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $2,582.72 | $3,017.22 | $3,153.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,452
Closing costs & prepaids$12,594
Usable credit−$0
Total buyer cash needed$56,046
Earnest money paid−$0
Remaining funds due$56,046
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$540.00
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$55.67
Prepaid interest, second (1 days)$13.32
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 6 moOf the original 30-year loan at 6.110%
Interest already paid$10,195Through Nov 2026
Assumption only · ends May 2056$421,616
Assumption + second · ends May 2056, second Dec 2056$524,034
New conventional · ends Dec 2056$586,149