Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,933/mo
Lowest payment- Down payment
- $72,727
- Funds due
- $84,065
- Interest + MI left
- $488,630
- First ends
- Apr 2055
Assumption
Assumption + second
$3,158/mo
+$225/mo- Down payment
- $44,727
- Funds due
- $57,322
- Interest + MI left
- $541,736
- First ends
- Apr 2055
New loan
New conventional
$3,178/mo
+$245/mo- Down payment
- $44,727
- Funds due
- $53,831
- Interest + MI left
- $597,863
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,273 | $366,273 | $394,273 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,393.32 | $2,393.32 | $2,729.87 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $170.87 | $170.87 | $78.85 |
| Taxes, insurance & HOA | $368.83 | $368.83 | $368.83 |
| Total housing payment | $2,933.03 | $3,158.32 | $3,177.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,727
Closing costs & prepaids$12,595
Usable credit−$0
Total buyer cash needed$57,322
Earnest money paid−$0
Remaining funds due$57,322
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$362.50
Initial HOA (3 months)$294.00
Prepaid interest, first (1 days)$66.73
Prepaid interest, second (1 days)$6.90
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 closing28 yr 5 moOf the original 30-year loan at 6.650%
Interest already paid$38,934Through Nov 2026
Assumption only · ends Apr 2055$488,630
Assumption + second · ends Apr 2055, second Dec 2056$541,736
New conventional · ends Dec 2056$597,863