Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,439/mo
Lowest payment- Down payment
- $144,688
- Funds due
- $158,963
- Interest + MI left
- $484,920
- First ends
- Jan 2056
Assumption
Assumption + second
$4,156/mo
+$716/mo- Down payment
- $55,688
- Funds due
- $71,323
- Interest + MI left
- $653,721
- First ends
- Jan 2056
New loan
New conventional
$4,272/mo
+$832/mo- Down payment
- $55,688
- Funds due
- $67,765
- Interest + MI left
- $722,751
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,302 | $405,302 | $494,302 |
| Second mortgage | — | $89,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,348.57 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $185.76 | $185.76 | $98.86 |
| Taxes, insurance & HOA | $824.17 | $824.17 | $824.17 |
| Total housing payment | $3,439.43 | $4,155.54 | $4,271.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,688
Closing costs & prepaids$15,634
Usable credit−$0
Total buyer cash needed$71,323
Earnest money paid−$0
Remaining funds due$71,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.90
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)$1,402.50
Initial HOA (3 months)$570.00
Prepaid interest, first (5 days)$327.07
Prepaid interest, second (5 days)$109.73
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 5.891%
Interest already paid$22,026Through Dec 2026
Assumption only · ends Jan 2056$484,920
Assumption + second · ends Jan 2056, second Jan 2057$653,721
New conventional · ends Jan 2057$722,751