Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,102/mo
Lowest payment- Down payment
- $125,955
- Funds due
- $139,031
- Interest + MI left
- $523,341
- First ends
- Mar 2056
Assumption
Assumption + second
$3,698/mo
+$595/mo- Down payment
- $51,955
- Funds due
- $66,446
- Interest + MI left
- $663,693
- First ends
- Mar 2056
New loan
New conventional
$3,672/mo
+$570/mo- Down payment
- $51,955
- Funds due
- $62,908
- Interest + MI left
- $677,048
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,045 | $389,045 | $463,045 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,479.65 | $2,479.65 | $3,136.83 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $179.81 | $179.81 | $92.61 |
| Taxes, insurance & HOA | $442.67 | $442.67 | $442.67 |
| Total housing payment | $3,102.12 | $3,697.54 | $3,672.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,955
Closing costs & prepaids$14,491
Usable credit−$0
Total buyer cash needed$66,446
Earnest money paid−$0
Remaining funds due$66,446
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$623.54
Prepaid interest, second (9 days)$164.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.5%
Interest already paid$19,055Through Dec 2026
Assumption only · ends Mar 2056$523,341
Assumption + second · ends Mar 2056, second Jan 2057$663,693
New conventional · ends Jan 2057$677,048