Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,895/mo
Lowest payment- Down payment
- $69,464
- Funds due
- $83,597
- Interest + MI left
- $638,284
- First ends
- Feb 2056
Assumption
Assumption + second
$4,302/mo
+$408/mo- Down payment
- $29,464
- Funds due
- $44,964
- Interest + MI left
- $745,020
- First ends
- Feb 2056
New loan
New conventional
$4,351/mo
+$457/mo- Down payment
- $29,464
- Funds due
- $41,700
- Interest + MI left
- $800,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $505,536 | $505,536 | $545,536 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,113.91 | $3,113.91 | $3,695.65 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $234.02 | $234.02 | $109.11 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $3,894.59 | $4,302.19 | $4,351.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,464
Closing costs & prepaids$15,500
Usable credit−$0
Total buyer cash needed$44,964
Earnest money paid−$0
Remaining funds due$44,964
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$767.86
Prepaid interest, second (9 days)$117.12
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 2 moOf the original 30-year loan at 6.16%
Interest already paid$26,094Through Dec 2026
Assumption only · ends Feb 2056$638,284
Assumption + second · ends Feb 2056, second Jan 2057$745,020
New conventional · ends Jan 2057$800,501