Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,649/mo
Lowest payment- Down payment
- $51,898
- Funds due
- $64,384
- Interest + MI left
- $327,585
- First ends
- Jul 2056
Assumption
Assumption + second
$2,934/mo
+$285/mo- Down payment
- $23,898
- Funds due
- $37,716
- Interest + MI left
- $402,300
- First ends
- Jul 2056
New loan
New conventional
$3,541/mo
+$892/mo- Down payment
- $23,898
- Funds due
- $34,715
- Interest + MI left
- $638,335
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,021 | $407,021 | $435,021 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $2,946.98 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $186.55 | $186.55 | $87.00 |
| Taxes, insurance & HOA | $507.25 | $507.25 | $507.25 |
| Total housing payment | $2,648.84 | $2,934.16 | $3,541.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,898
Closing costs & prepaids$13,818
Usable credit−$0
Total buyer cash needed$37,716
Earnest money paid−$0
Remaining funds due$37,716
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,589.19
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)$550.75
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$400.44
Prepaid interest, second (9 days)$81.99
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 7 moOf the original 30-year loan at 3.99%
Interest already paid$6,797Through Dec 2026
Assumption only · ends Jul 2056$327,585
Assumption + second · ends Jul 2056, second Jan 2057$402,300
New conventional · ends Jan 2057$638,335