Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,361/mo
Lowest payment- Down payment
- $50,148
- Funds due
- $61,810
- Interest + MI left
- $605,811
- First ends
- May 2055
Assumption
Assumption + second
$3,616/mo
+$255/mo- Down payment
- $25,148
- Funds due
- $38,068
- Interest + MI left
- $672,521
- First ends
- May 2055
New loan
New conventional
$3,527/mo
+$166/mo- Down payment
- $25,148
- Funds due
- $34,769
- Interest + MI left
- $699,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,852 | $434,852 | $459,852 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,907.06 | $2,907.06 | $3,183.92 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $202.51 | $202.51 | $91.97 |
| Taxes, insurance & HOA | $251.42 | $251.42 | $251.42 |
| Total housing payment | $3,360.99 | $3,615.74 | $3,527.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,148
Closing costs & prepaids$12,919
Usable credit−$0
Total buyer cash needed$38,068
Earnest money paid−$0
Remaining funds due$38,068
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$254.25
Prepaid interest, first (1 days)$82.09
Prepaid interest, second (1 days)$8.13
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 6.890%
Interest already paid$45,330Through Nov 2026
Assumption only · ends May 2055$605,811
Assumption + second · ends May 2055, second Dec 2056$672,521
New conventional · ends Dec 2056$699,788