Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,861/mo
Lowest payment- Down payment
- $59,227
- Funds due
- $70,284
- Interest + MI left
- $483,155
- First ends
- May 2055
Assumption
Assumption + second
$3,238/mo
+$377/mo- Down payment
- $22,227
- Funds due
- $34,546
- Interest + MI left
- $581,886
- First ends
- May 2055
New loan
New conventional
$3,208/mo
+$348/mo- Down payment
- $22,227
- Funds due
- $31,279
- Interest + MI left
- $619,775
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,273 | $370,273 | $407,273 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,380.96 | $2,380.96 | $2,819.88 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $172.65 | $172.65 | $81.45 |
| Taxes, insurance & HOA | $307.08 | $307.08 | $307.08 |
| Total housing payment | $2,860.69 | $3,237.72 | $3,208.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,227
Closing costs & prepaids$12,319
Usable credit−$0
Total buyer cash needed$34,546
Earnest money paid−$0
Remaining funds due$34,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,295.00
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)$326.25
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$65.94
Prepaid interest, second (1 days)$12.04
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$36,437Through Nov 2026
Assumption only · ends May 2055$483,155
Assumption + second · ends May 2055, second Dec 2056$581,886
New conventional · ends Dec 2056$619,775