Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,491/mo
Lowest payment- Down payment
- $308,016
- Funds due
- $326,051
- Interest + MI left
- $744,852
- First ends
- Jun 2056
Assumption
Assumption + second
$6,045/mo
+$1,555/mo- Down payment
- $91,016
- Funds due
- $110,578
- Interest + MI left
- $1,087,513
- First ends
- Jun 2056
New loan
New conventional
$6,292/mo
+$1,802/mo- Down payment
- $91,016
- Funds due
- $106,714
- Interest + MI left
- $1,193,835
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $599,484 | $599,484 | $816,484 |
| Second mortgage | — | $217,000 | — |
| First P&I | $3,616.08 | $3,616.08 | $5,531.15 |
| Second P&I | — | $1,554.61 | — |
| Mortgage insurance | $276.44 | $276.44 | $163.30 |
| Taxes, insurance & HOA | $598.00 | $598.00 | $598.00 |
| Total housing payment | $4,490.51 | $6,045.13 | $6,292.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$91,016
Closing costs & prepaids$19,562
Usable credit−$0
Total buyer cash needed$110,578
Earnest money paid−$0
Remaining funds due$110,578
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,075.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,089.00
Initial HOA (3 months)$54.99
Prepaid interest, first (6 days)$591.27
Prepaid interest, second (6 days)$276.45
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 6 moOf the original 30-year loan at 6%
Interest already paid$18,049Through Dec 2026
Assumption only · ends Jun 2056$744,852
Assumption + second · ends Jun 2056, second Jan 2057$1,087,513
New conventional · ends Jan 2057$1,193,835