Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,342/mo
Lowest payment- Down payment
- $95,657
- Funds due
- $108,945
- Interest + MI left
- $526,853
- First ends
- Jan 2056
Assumption
Assumption + second
$3,647/mo
+$306/mo- Down payment
- $57,657
- Funds due
- $72,251
- Interest + MI left
- $598,925
- First ends
- Jan 2056
New loan
New conventional
$3,968/mo
+$626/mo- Down payment
- $57,657
- Funds due
- $68,744
- Interest + MI left
- $749,130
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,343 | $474,343 | $512,343 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,726.86 | $2,726.86 | $3,470.79 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $220.12 | $220.12 | $102.47 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $3,341.65 | $3,647.41 | $3,967.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,657
Closing costs & prepaids$14,594
Usable credit−$0
Total buyer cash needed$72,251
Earnest money paid−$0
Remaining funds due$72,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Prepaid interest, first (6 days)$428.86
Prepaid interest, second (6 days)$56.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 5.5%
Interest already paid$24,079Through Dec 2026
Assumption only · ends Jan 2056$526,853
Assumption + second · ends Jan 2056, second Jan 2057$598,925
New conventional · ends Jan 2057$749,130