Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,653/mo
Lowest payment- Down payment
- $59,409
- Funds due
- $71,994
- Interest + MI left
- $330,678
- First ends
- Sep 2056
Assumption
Assumption + second
$3,020/mo
+$367/mo- Down payment
- $23,409
- Funds due
- $37,350
- Interest + MI left
- $426,741
- First ends
- Sep 2056
New loan
New conventional
$3,609/mo
+$956/mo- Down payment
- $23,409
- Funds due
- $34,345
- Interest + MI left
- $651,920
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,219 | $408,219 | $444,219 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $3,009.29 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $187.10 | $187.10 | $88.84 |
| Taxes, insurance & HOA | $510.75 | $510.75 | $510.75 |
| Total housing payment | $2,652.89 | $3,019.73 | $3,608.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,409
Closing costs & prepaids$13,941
Usable credit−$0
Total buyer cash needed$37,350
Earnest money paid−$0
Remaining funds due$37,350
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,676.28
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)$561.25
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$401.62
Prepaid interest, second (9 days)$105.41
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 9 moOf the original 30-year loan at 3.99%
Interest already paid$4,084Through Dec 2026
Assumption only · ends Sep 2056$330,678
Assumption + second · ends Sep 2056, second Jan 2057$426,741
New conventional · ends Jan 2057$651,920