Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,524/mo
Lowest payment- Down payment
- $66,485
- Funds due
- $79,810
- Interest + MI left
- $558,558
- First ends
- Aug 2056
Assumption
Assumption + second
$3,952/mo
+$428/mo- Down payment
- $24,485
- Funds due
- $39,128
- Interest + MI left
- $670,631
- First ends
- Aug 2056
New loan
New conventional
$3,887/mo
+$363/mo- Down payment
- $24,485
- Funds due
- $35,844
- Interest + MI left
- $661,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,505 | $408,505 | $450,505 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,591.48 | $2,591.48 | $3,051.88 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $187.23 | $187.23 | $90.10 |
| Taxes, insurance & HOA | $745.42 | $745.42 | $745.42 |
| Total housing payment | $3,524.13 | $3,952.11 | $3,887.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,485
Closing costs & prepaids$14,643
Usable credit−$0
Total buyer cash needed$39,128
Earnest money paid−$0
Remaining funds due$39,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.90
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)$1,211.25
Initial HOA (3 months)$525.00
Prepaid interest, first (5 days)$363.74
Prepaid interest, second (5 days)$68.32
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 8 moOf the original 30-year loan at 6.5%
Interest already paid$8,871Through Dec 2026
Assumption only · ends Aug 2056$558,558
Assumption + second · ends Aug 2056, second Jan 2057$670,631
New conventional · ends Jan 2057$661,055