Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,430/mo
Lowest payment- Down payment
- $113,734
- Funds due
- $125,423
- Interest + MI left
- $386,891
- First ends
- May 2056
Assumption
Assumption + second
$3,001/mo
+$571/mo- Down payment
- $42,734
- Funds due
- $55,831
- Interest + MI left
- $521,553
- First ends
- May 2056
New loan
New conventional
$3,048/mo
+$619/mo- Down payment
- $42,734
- Funds due
- $52,402
- Interest + MI left
- $551,404
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,166 | $306,166 | $377,166 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,870.29 | $1,870.29 | $2,555.05 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $141.31 | $141.31 | $75.43 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $2,429.59 | $3,000.87 | $3,048.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,734
Closing costs & prepaids$13,097
Usable credit−$0
Total buyer cash needed$55,831
Earnest money paid−$0
Remaining funds due$55,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$504.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$461.26
Prepaid interest, second (9 days)$157.56
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 5 moOf the original 30-year loan at 6.11%
Interest already paid$10,956Through Dec 2026
Assumption only · ends May 2056$386,891
Assumption + second · ends May 2056, second Jan 2057$521,553
New conventional · ends Jan 2057$551,404