Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,771/mo
Lowest payment- Down payment
- $100,613
- Funds due
- $112,530
- Interest + MI left
- $444,144
- First ends
- Jun 2056
Assumption
Assumption + second
$3,229/mo
+$459/mo- Down payment
- $43,613
- Funds due
- $56,836
- Interest + MI left
- $552,253
- First ends
- Jun 2056
New loan
New conventional
$3,231/mo
+$460/mo- Down payment
- $43,613
- Funds due
- $53,366
- Interest + MI left
- $565,532
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,387 | $334,387 | $391,387 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,096.87 | $2,096.87 | $2,632.89 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $154.13 | $154.13 | $78.28 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $2,770.75 | $3,229.38 | $3,230.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,613
Closing costs & prepaids$13,224
Usable credit−$0
Total buyer cash needed$56,836
Earnest money paid−$0
Remaining funds due$56,836
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$1,109.25
Prepaid interest, first (4 days)$233.43
Prepaid interest, second (4 days)$56.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.37%
Interest already paid$10,686Through Dec 2026
Assumption only · ends Jun 2056$444,144
Assumption + second · ends Jun 2056, second Jan 2057$552,253
New conventional · ends Jan 2057$565,532