Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,995/mo
Lowest payment- Down payment
- $86,404
- Funds due
- $99,045
- Interest + MI left
- $469,860
- First ends
- May 2056
Assumption
Assumption + second
$3,269/mo
+$274/mo- Down payment
- $52,404
- Funds due
- $66,346
- Interest + MI left
- $534,346
- First ends
- May 2056
New loan
New conventional
$3,606/mo
+$610/mo- Down payment
- $52,404
- Funds due
- $62,889
- Interest + MI left
- $676,299
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,596 | $428,596 | $462,596 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,417.92 | $2,417.92 | $3,133.79 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $198.02 | $198.02 | $92.52 |
| Taxes, insurance & HOA | $379.34 | $379.34 | $379.34 |
| Total housing payment | $2,995.27 | $3,268.84 | $3,605.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,404
Closing costs & prepaids$13,942
Usable credit−$0
Total buyer cash needed$66,346
Earnest money paid−$0
Remaining funds due$66,346
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)$618.00
Initial HOA (3 months)$20.01
Prepaid interest, first (6 days)$378.34
Prepaid interest, second (6 days)$50.30
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 5 moOf the original 30-year loan at 5.37%
Interest already paid$13,488Through Dec 2026
Assumption only · ends May 2056$469,860
Assumption + second · ends May 2056, second Jan 2057$534,346
New conventional · ends Jan 2057$676,299