Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,196/mo
Lowest payment- Down payment
- $187,518
- Funds due
- $200,629
- Interest + MI left
- $540,073
- First ends
- Jun 2055
Assumption
Assumption + second
$4,128/mo
+$932/mo- Down payment
- $60,518
- Funds due
- $74,907
- Interest + MI left
- $748,550
- First ends
- Jun 2055
New loan
New conventional
$4,197/mo
+$1,001/mo- Down payment
- $60,518
- Funds due
- $71,259
- Interest + MI left
- $818,159
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,481 | $412,481 | $539,481 |
| Second mortgage | — | $127,000 | — |
| First P&I | $2,649.69 | $2,649.69 | $3,735.26 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $192.14 | $192.14 | $107.90 |
| Taxes, insurance & HOA | $354.08 | $354.08 | $354.08 |
| Total housing payment | $3,195.91 | $4,127.79 | $4,197.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,518
Closing costs & prepaids$14,389
Usable credit−$0
Total buyer cash needed$74,907
Earnest money paid−$0
Remaining funds due$74,907
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$412.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$73.46
Prepaid interest, second (1 days)$27.84
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 7 moOf the original 30-year loan at 6.500%
Interest already paid$38,315Through Nov 2026
Assumption only · ends Jun 2055$540,073
Assumption + second · ends Jun 2055, second Dec 2056$748,550
New conventional · ends Dec 2056$818,159