Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,246/mo
Lowest payment- Down payment
- $62,671
- Funds due
- $75,377
- Interest + MI left
- $561,590
- First ends
- Jun 2056
Assumption
Assumption + second
$3,623/mo
+$377/mo- Down payment
- $25,671
- Funds due
- $39,735
- Interest + MI left
- $660,321
- First ends
- Jun 2056
New loan
New conventional
$3,652/mo
+$406/mo- Down payment
- $25,671
- Funds due
- $36,489
- Interest + MI left
- $691,465
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,229 | $434,229 | $471,229 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,680.71 | $2,680.71 | $3,192.27 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $200.18 | $200.18 | $94.25 |
| Taxes, insurance & HOA | $365.42 | $365.42 | $365.42 |
| Total housing payment | $3,246.31 | $3,623.34 | $3,651.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,671
Closing costs & prepaids$14,065
Usable credit−$0
Total buyer cash needed$39,735
Earnest money paid−$0
Remaining funds due$39,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,969.00
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)$596.25
Prepaid interest, first (9 days)$665.98
Prepaid interest, second (9 days)$108.34
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 6 moOf the original 30-year loan at 6.22%
Interest already paid$13,551Through Dec 2026
Assumption only · ends Jun 2056$561,590
Assumption + second · ends Jun 2056, second Jan 2057$660,321
New conventional · ends Jan 2057$691,465