Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,449/mo
Lowest payment- Down payment
- $100,160
- Funds due
- $114,616
- Interest + MI left
- $433,526
- First ends
- Jun 2056
Assumption
Assumption + second
$3,811/mo
+$362/mo- Down payment
- $55,160
- Funds due
- $70,933
- Interest + MI left
- $518,875
- First ends
- Jun 2056
New loan
New conventional
$4,328/mo
+$879/mo- Down payment
- $55,160
- Funds due
- $67,497
- Interest + MI left
- $723,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,840 | $449,840 | $494,840 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,364.61 | $2,364.61 | $3,352.22 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $207.76 | $207.76 | $98.97 |
| Taxes, insurance & HOA | $876.67 | $876.67 | $876.67 |
| Total housing payment | $3,449.03 | $3,811.11 | $4,327.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,160
Closing costs & prepaids$15,773
Usable credit−$0
Total buyer cash needed$70,933
Earnest money paid−$0
Remaining funds due$70,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$1,470.00
Prepaid interest, first (6 days)$351.25
Prepaid interest, second (6 days)$66.58
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 4.75%
Interest already paid$10,732Through Dec 2026
Assumption only · ends Jun 2056$433,526
Assumption + second · ends Jun 2056, second Jan 2057$518,875
New conventional · ends Jan 2057$723,538