Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,429/mo
Lowest payment- Down payment
- $128,019
- Funds due
- $141,731
- Interest + MI left
- $578,837
- First ends
- Feb 2056
Assumption
Assumption + second
$3,984/mo
+$555/mo- Down payment
- $59,019
- Funds due
- $74,134
- Interest + MI left
- $709,706
- First ends
- Feb 2056
New loan
New conventional
$4,062/mo
+$633/mo- Down payment
- $59,019
- Funds due
- $70,574
- Interest + MI left
- $767,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,981 | $455,981 | $524,981 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,817.46 | $2,817.46 | $3,556.40 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $211.06 | $211.06 | $105.00 |
| Taxes, insurance & HOA | $400.25 | $400.25 | $400.25 |
| Total housing payment | $3,428.78 | $3,983.97 | $4,061.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,019
Closing costs & prepaids$15,115
Usable credit−$0
Total buyer cash needed$74,134
Earnest money paid−$0
Remaining funds due$74,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,840.00
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)$700.75
Prepaid interest, first (9 days)$695.96
Prepaid interest, second (9 days)$153.12
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 2 moOf the original 30-year loan at 6.19%
Interest already paid$23,650Through Dec 2026
Assumption only · ends Feb 2056$578,837
Assumption + second · ends Feb 2056, second Jan 2057$709,706
New conventional · ends Jan 2057$767,609