Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,934/mo
Lowest payment- Down payment
- $69,892
- Funds due
- $83,845
- Interest + MI left
- $657,707
- First ends
- May 2056
Assumption
Assumption + second
$4,331/mo
+$397/mo- Down payment
- $30,892
- Funds due
- $46,171
- Interest + MI left
- $761,775
- First ends
- May 2056
New loan
New conventional
$4,454/mo
+$520/mo- Down payment
- $30,892
- Funds due
- $42,884
- Interest + MI left
- $835,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $530,108 | $530,108 | $569,108 |
| Second mortgage | — | $39,000 | — |
| First P&I | $3,204.30 | $3,204.30 | $3,855.34 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $244.69 | $244.69 | $113.82 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $3,933.66 | $4,331.07 | $4,453.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,892
Closing costs & prepaids$15,279
Usable credit−$0
Total buyer cash needed$46,171
Earnest money paid−$0
Remaining funds due$46,171
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Initial HOA (3 months)$234.00
Prepaid interest, first (6 days)$523.72
Prepaid interest, second (6 days)$76.13
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 6.01%
Interest already paid$18,661Through Dec 2026
Assumption only · ends May 2056$657,707
Assumption + second · ends May 2056, second Jan 2057$761,775
New conventional · ends Jan 2057$835,089