Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,652/mo
Lowest payment- Down payment
- $58,757
- Funds due
- $71,320
- Interest + MI left
- $327,585
- First ends
- Jul 2056
Assumption
Assumption + second
$3,008/mo
+$357/mo- Down payment
- $23,757
- Funds due
- $37,672
- Interest + MI left
- $420,979
- First ends
- Jul 2056
New loan
New conventional
$3,593/mo
+$941/mo- Down payment
- $23,757
- Funds due
- $34,665
- Interest + MI left
- $648,695
- 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 | $442,021 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,955.04 | $1,955.04 | $2,994.40 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $186.55 | $186.55 | $88.40 |
| Taxes, insurance & HOA | $510.00 | $510.00 | $510.00 |
| Total housing payment | $2,651.59 | $3,008.24 | $3,592.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,757
Closing costs & prepaids$13,916
Usable credit−$0
Total buyer cash needed$37,672
Earnest money paid−$0
Remaining funds due$37,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,657.78
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)$559.00
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$400.44
Prepaid interest, second (9 days)$102.48
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$420,979
New conventional · ends Jan 2057$648,695