Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,999/mo
Lowest payment- Down payment
- $72,760
- Funds due
- $85,679
- Interest + MI left
- $444,188
- First ends
- Jun 2056
Assumption
Assumption + second
$3,478/mo
+$479/mo- Down payment
- $25,760
- Funds due
- $40,067
- Interest + MI left
- $569,603
- First ends
- Jun 2056
New loan
New conventional
$3,813/mo
+$814/mo- Down payment
- $25,760
- Funds due
- $36,942
- Interest + MI left
- $710,654
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,240 | $437,240 | $484,240 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,361.77 | $2,361.77 | $3,280.41 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $201.88 | $201.88 | $96.85 |
| Taxes, insurance & HOA | $435.67 | $435.67 | $435.67 |
| Total housing payment | $2,999.31 | $3,478.24 | $3,812.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,760
Closing costs & prepaids$14,308
Usable credit−$0
Total buyer cash needed$40,067
Earnest money paid−$0
Remaining funds due$40,067
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$537.99
Prepaid interest, second (9 days)$137.62
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 6 moOf the original 30-year loan at 4.99%
Interest already paid$10,956Through Dec 2026
Assumption only · ends Jun 2056$444,188
Assumption + second · ends Jun 2056, second Jan 2057$569,603
New conventional · ends Jan 2057$710,654