Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,562/mo
Lowest payment- Down payment
- $160,451
- Funds due
- $172,411
- Interest + MI left
- $410,443
- First ends
- May 2055
Assumption
Assumption + second
$3,384/mo
+$822/mo- Down payment
- $48,451
- Funds due
- $61,686
- Interest + MI left
- $594,297
- First ends
- May 2055
New loan
New conventional
$3,432/mo
+$869/mo- Down payment
- $48,451
- Funds due
- $58,157
- Interest + MI left
- $646,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,549 | $314,549 | $426,549 |
| Second mortgage | — | $112,000 | — |
| First P&I | $2,022.64 | $2,022.64 | $2,953.34 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $146.67 | $146.67 | $85.31 |
| Taxes, insurance & HOA | $393.00 | $393.00 | $393.00 |
| Total housing payment | $2,562.30 | $3,384.12 | $3,431.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,451
Closing costs & prepaids$13,235
Usable credit−$0
Total buyer cash needed$61,686
Earnest money paid−$0
Remaining funds due$61,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$361.00
Initial HOA (3 months)$318.00
Prepaid interest, first (1 days)$56.02
Prepaid interest, second (1 days)$24.55
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 6 moOf the original 30-year loan at 6.500%
Interest already paid$30,953Through Nov 2026
Assumption only · ends May 2055$410,443
Assumption + second · ends May 2055, second Dec 2056$594,297
New conventional · ends Dec 2056$646,805