Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,131/mo
Lowest payment- Down payment
- $125,585
- Funds due
- $138,264
- Interest + MI left
- $525,588
- First ends
- Mar 2056
Assumption
Assumption + second
$3,727/mo
+$595/mo- Down payment
- $51,585
- Funds due
- $65,551
- Interest + MI left
- $665,940
- First ends
- Mar 2056
New loan
New conventional
$3,773/mo
+$642/mo- Down payment
- $51,585
- Funds due
- $61,998
- Interest + MI left
- $702,800
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,415 | $389,415 | $463,415 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,479.65 | $2,479.65 | $3,208.59 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $179.81 | $179.81 | $92.68 |
| Taxes, insurance & HOA | $472.00 | $472.00 | $472.00 |
| Total housing payment | $3,131.45 | $3,726.88 | $3,773.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,585
Closing costs & prepaids$13,966
Usable credit−$0
Total buyer cash needed$65,551
Earnest money paid−$0
Remaining funds due$65,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$706.00
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$138.70
Prepaid interest, second (2 days)$36.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 6.500%
Interest already paid$16,946Through Nov 2026
Assumption only · ends Mar 2056$525,588
Assumption + second · ends Mar 2056, second Dec 2056$665,940
New conventional · ends Dec 2056$702,800