Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,237/mo
Lowest payment- Down payment
- $48,656
- Funds due
- $60,303
- Interest + MI left
- $529,957
- First ends
- Mar 2055
Assumption
Assumption + second
$3,502/mo
+$265/mo- Down payment
- $22,656
- Funds due
- $35,561
- Interest + MI left
- $599,335
- First ends
- Mar 2055
New loan
New conventional
$3,439/mo
+$203/mo- Down payment
- $22,656
- Funds due
- $32,288
- Interest + MI left
- $635,100
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,344 | $391,344 | $417,344 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,587.79 | $2,587.79 | $2,889.61 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $182.68 | $182.68 | $83.47 |
| Taxes, insurance & HOA | $466.33 | $466.33 | $466.33 |
| Total housing payment | $3,236.80 | $3,501.74 | $3,439.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,656
Closing costs & prepaids$12,905
Usable credit−$0
Total buyer cash needed$35,561
Earnest money paid−$0
Remaining funds due$35,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$742.00
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$72.48
Prepaid interest, second (1 days)$8.46
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 4 moOf the original 30-year loan at 6.760%
Interest already paid$44,527Through Nov 2026
Assumption only · ends Mar 2055$529,957
Assumption + second · ends Mar 2055, second Dec 2056$599,335
New conventional · ends Dec 2056$635,100