Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,132/mo
Lowest payment- Down payment
- $277,416
- Funds due
- $294,356
- Interest + MI left
- $688,394
- First ends
- Mar 2056
Assumption
Assumption + second
$5,563/mo
+$1,431/mo- Down payment
- $82,416
- Funds due
- $100,863
- Interest + MI left
- $1,008,497
- First ends
- Mar 2056
New loan
New conventional
$5,664/mo
+$1,532/mo- Down payment
- $82,416
- Funds due
- $97,047
- Interest + MI left
- $1,071,159
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $537,584 | $537,584 | $732,584 |
| Second mortgage | — | $195,000 | — |
| First P&I | $3,328.71 | $3,328.71 | $4,962.78 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $248.57 | $248.57 | $146.52 |
| Taxes, insurance & HOA | $555.17 | $555.17 | $555.17 |
| Total housing payment | $4,132.45 | $5,563.29 | $5,664.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$82,416
Closing costs & prepaids$18,447
Usable credit−$0
Total buyer cash needed$100,863
Earnest money paid−$0
Remaining funds due$100,863
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,150.00
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)$978.00
Initial HOA (3 months)$37.50
Prepaid interest, first (6 days)$549.66
Prepaid interest, second (6 days)$256.44
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 3 moOf the original 30-year loan at 6.22%
Interest already paid$25,202Through Dec 2026
Assumption only · ends Mar 2056$688,394
Assumption + second · ends Mar 2056, second Jan 2057$1,008,497
New conventional · ends Jan 2057$1,071,159