Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,214/mo
Lowest payment- Down payment
- $61,874
- Funds due
- $73,871
- Interest + MI left
- $557,587
- First ends
- Mar 2056
Assumption
Assumption + second
$3,581/mo
+$367/mo- Down payment
- $25,874
- Funds due
- $39,132
- Interest + MI left
- $653,649
- First ends
- Mar 2056
New loan
New conventional
$3,690/mo
+$476/mo- Down payment
- $25,874
- Funds due
- $35,833
- Interest + MI left
- $719,988
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,126 | $437,126 | $473,126 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,692.68 | $2,692.68 | $3,275.83 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $201.93 | $201.93 | $94.63 |
| Taxes, insurance & HOA | $319.08 | $319.08 | $319.08 |
| Total housing payment | $3,213.70 | $3,580.54 | $3,689.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,874
Closing costs & prepaids$13,258
Usable credit−$0
Total buyer cash needed$39,132
Earnest money paid−$0
Remaining funds due$39,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$457.25
Prepaid interest, first (1 days)$74.01
Prepaid interest, second (1 days)$11.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 6.180%
Interest already paid$18,090Through Nov 2026
Assumption only · ends Mar 2056$557,587
Assumption + second · ends Mar 2056, second Dec 2056$653,649
New conventional · ends Dec 2056$719,988