Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,135/mo
Lowest payment- Down payment
- $73,276
- Funds due
- $85,899
- Interest + MI left
- $541,910
- First ends
- Aug 2056
Assumption
Assumption + second
$3,344/mo
+$209/mo- Down payment
- $47,276
- Funds due
- $61,207
- Interest + MI left
- $591,223
- First ends
- Aug 2056
New loan
New conventional
$3,384/mo
+$249/mo- Down payment
- $47,276
- Funds due
- $57,739
- Interest + MI left
- $617,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,214 | $396,214 | $422,214 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,513.51 | $2,513.51 | $2,860.22 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $182.26 | $182.26 | $84.44 |
| Taxes, insurance & HOA | $439.50 | $439.50 | $439.50 |
| Total housing payment | $3,135.27 | $3,344.47 | $3,384.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,276
Closing costs & prepaids$13,931
Usable credit−$0
Total buyer cash needed$61,207
Earnest money paid−$0
Remaining funds due$61,207
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,694.90
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)$563.50
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$635.03
Prepaid interest, second (9 days)$57.70
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 8 moOf the original 30-year loan at 6.5%
Interest already paid$8,604Through Dec 2026
Assumption only · ends Aug 2056$541,910
Assumption + second · ends Aug 2056, second Jan 2057$591,223
New conventional · ends Jan 2057$617,347