Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,217/mo
Lowest payment- Down payment
- $103,179
- Funds due
- $115,637
- Interest + MI left
- $532,018
- First ends
- Sep 2055
Assumption
Assumption + second
$3,643/mo
+$426/mo- Down payment
- $50,179
- Funds due
- $63,900
- Interest + MI left
- $632,540
- First ends
- Sep 2055
New loan
New conventional
$3,675/mo
+$458/mo- Down payment
- $50,179
- Funds due
- $60,356
- Interest + MI left
- $682,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,721 | $396,721 | $449,721 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,561.54 | $2,561.54 | $3,113.78 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $184.21 | $184.21 | $89.94 |
| Taxes, insurance & HOA | $471.08 | $471.08 | $471.08 |
| Total housing payment | $3,216.83 | $3,643.28 | $3,674.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,179
Closing costs & prepaids$13,722
Usable credit−$0
Total buyer cash needed$63,900
Earnest money paid−$0
Remaining funds due$63,900
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$603.25
Initial HOA (3 months)$309.99
Prepaid interest, first (1 days)$71.52
Prepaid interest, second (1 days)$13.07
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 10 moOf the original 30-year loan at 6.580%
Interest already paid$30,671Through Nov 2026
Assumption only · ends Sep 2055$532,018
Assumption + second · ends Sep 2055, second Dec 2056$632,540
New conventional · ends Dec 2056$682,032