Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,788/mo
Lowest payment- Down payment
- $58,697
- Funds due
- $72,680
- Interest + MI left
- $602,211
- First ends
- Mar 2056
Assumption
Assumption + second
$4,104/mo
+$316/mo- Down payment
- $27,697
- Funds due
- $43,021
- Interest + MI left
- $684,931
- First ends
- Mar 2056
New loan
New conventional
$4,237/mo
+$449/mo- Down payment
- $27,697
- Funds due
- $39,804
- Interest + MI left
- $766,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $491,303 | $491,303 | $522,303 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,966.52 | $2,966.52 | $3,538.26 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $227.27 | $227.27 | $104.46 |
| Taxes, insurance & HOA | $594.67 | $594.67 | $594.67 |
| Total housing payment | $3,788.45 | $4,104.34 | $4,237.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,697
Closing costs & prepaids$15,324
Usable credit−$0
Total buyer cash needed$43,021
Earnest money paid−$0
Remaining funds due$43,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$624.00
Prepaid interest, first (9 days)$724.44
Prepaid interest, second (9 days)$90.77
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 3 moOf the original 30-year loan at 5.98%
Interest already paid$22,149Through Dec 2026
Assumption only · ends Mar 2056$602,211
Assumption + second · ends Mar 2056, second Jan 2057$684,931
New conventional · ends Jan 2057$766,514