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
- $118,136
- Funds due
- $131,322
- Interest + MI left
- $575,624
- First ends
- Aug 2056
Assumption
Assumption + second
$3,761/mo
+$515/mo- Down payment
- $54,136
- Funds due
- $68,714
- Interest + MI left
- $697,009
- First ends
- Aug 2056
New loan
New conventional
$3,764/mo
+$518/mo- Down payment
- $54,136
- Funds due
- $65,165
- Interest + MI left
- $708,951
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,864 | $420,864 | $484,864 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,669.88 | $2,669.88 | $3,284.64 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $193.60 | $193.60 | $96.97 |
| Taxes, insurance & HOA | $382.25 | $382.25 | $382.25 |
| Total housing payment | $3,245.73 | $3,760.69 | $3,763.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,136
Closing costs & prepaids$14,578
Usable credit−$0
Total buyer cash needed$68,714
Earnest money paid−$0
Remaining funds due$68,714
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$646.75
Prepaid interest, first (9 days)$674.54
Prepaid interest, second (9 days)$142.03
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 8 moOf the original 30-year loan at 6.5%
Interest already paid$9,140Through Dec 2026
Assumption only · ends Aug 2056$575,624
Assumption + second · ends Aug 2056, second Jan 2057$697,009
New conventional · ends Jan 2057$708,951