Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,556/mo
Lowest payment- Down payment
- $100,819
- Funds due
- $112,435
- Interest + MI left
- $439,863
- First ends
- Jul 2056
Assumption
Assumption + second
$3,015/mo
+$459/mo- Down payment
- $43,819
- Funds due
- $56,812
- Interest + MI left
- $547,971
- First ends
- Jul 2056
New loan
New conventional
$3,052/mo
+$496/mo- Down payment
- $43,819
- Funds due
- $53,370
- Interest + MI left
- $571,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,181 | $334,181 | $391,181 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,078.36 | $2,078.36 | $2,650.00 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $153.90 | $153.90 | $78.24 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $2,556.25 | $3,014.89 | $3,052.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,819
Closing costs & prepaids$12,993
Usable credit−$0
Total buyer cash needed$56,812
Earnest money paid−$0
Remaining funds due$56,812
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (9 days)$519.12
Prepaid interest, second (9 days)$126.49
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 6.3%
Interest already paid$8,797Through Dec 2026
Assumption only · ends Jul 2056$439,863
Assumption + second · ends Jul 2056, second Jan 2057$547,971
New conventional · ends Jan 2057$571,971