Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,337/mo
Lowest payment- Down payment
- $80,447
- Funds due
- $93,312
- Interest + MI left
- $531,923
- First ends
- May 2056
Assumption
Assumption + second
$3,579/mo
+$241/mo- Down payment
- $50,447
- Funds due
- $64,577
- Interest + MI left
- $588,822
- First ends
- May 2056
New loan
New conventional
$3,786/mo
+$449/mo- Down payment
- $50,447
- Funds due
- $61,050
- Interest + MI left
- $681,777
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,553 | $419,553 | $449,553 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,560.35 | $2,560.35 | $3,112.61 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $193.44 | $193.44 | $89.91 |
| Taxes, insurance & HOA | $583.33 | $583.33 | $583.33 |
| Total housing payment | $3,337.12 | $3,578.51 | $3,785.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,447
Closing costs & prepaids$14,130
Usable credit−$0
Total buyer cash needed$64,577
Earnest money paid−$0
Remaining funds due$64,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$1,250.00
Prepaid interest, first (2 days)$140.46
Prepaid interest, second (2 days)$14.79
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 6 moOf the original 30-year loan at 6.110%
Interest already paid$12,862Through Nov 2026
Assumption only · ends May 2056$531,923
Assumption + second · ends May 2056, second Dec 2056$588,822
New conventional · ends Dec 2056$681,777