Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,481/mo
Lowest payment- Down payment
- $261,824
- Funds due
- $274,753
- Interest + MI left
- $385,114
- First ends
- May 2055
Assumption
Assumption + second
$3,957/mo
+$1,476/mo- Down payment
- $55,824
- Funds due
- $70,047
- Interest + MI left
- $710,405
- First ends
- May 2055
New loan
New conventional
$3,988/mo
+$1,507/mo- Down payment
- $55,824
- Funds due
- $66,443
- Interest + MI left
- $749,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,175 | $288,175 | $494,175 |
| Second mortgage | — | $206,000 | — |
| First P&I | $1,879.27 | $1,879.27 | $3,421.57 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | $134.31 | $134.31 | $98.84 |
| Taxes, insurance & HOA | $467.33 | $467.33 | $467.33 |
| Total housing payment | $2,480.92 | $3,956.73 | $3,987.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,824
Closing costs & prepaids$14,223
Usable credit−$0
Total buyer cash needed$70,047
Earnest money paid−$0
Remaining funds due$70,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.99
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)$617.00
Initial HOA (3 months)$285.00
Prepaid interest, first (1 days)$52.42
Prepaid interest, second (1 days)$43.74
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 6.640%
Interest already paid$28,962Through Nov 2026
Assumption only · ends May 2055$385,114
Assumption + second · ends May 2055, second Dec 2056$710,405
New conventional · ends Dec 2056$749,351