Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,032/mo
Lowest payment- Down payment
- $132,128
- Funds due
- $144,540
- Interest + MI left
- $490,763
- First ends
- Apr 2055
Assumption
Assumption + second
$3,692/mo
+$660/mo- Down payment
- $50,128
- Funds due
- $63,810
- Interest + MI left
- $646,288
- First ends
- Apr 2055
New loan
New conventional
$3,661/mo
+$629/mo- Down payment
- $50,128
- Funds due
- $60,263
- Interest + MI left
- $682,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,872 | $367,872 | $449,872 |
| Second mortgage | — | $82,000 | — |
| First P&I | $2,403.77 | $2,403.77 | $3,114.82 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $171.62 | $171.62 | $89.97 |
| Taxes, insurance & HOA | $456.67 | $456.67 | $456.67 |
| Total housing payment | $3,032.06 | $3,691.85 | $3,661.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,128
Closing costs & prepaids$13,682
Usable credit−$0
Total buyer cash needed$63,810
Earnest money paid−$0
Remaining funds due$63,810
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$582.00
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$67.02
Prepaid interest, second (1 days)$20.22
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$39,104Through Nov 2026
Assumption only · ends Apr 2055$490,763
Assumption + second · ends Apr 2055, second Dec 2056$646,288
New conventional · ends Dec 2056$682,261