Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,050/mo
Lowest payment- Down payment
- $68,438
- Funds due
- $79,912
- Interest + MI left
- $506,540
- First ends
- Mar 2055
Assumption
Assumption + second
$3,518/mo
+$469/mo- Down payment
- $22,438
- Funds due
- $35,177
- Interest + MI left
- $629,287
- First ends
- Mar 2055
New loan
New conventional
$3,394/mo
+$344/mo- Down payment
- $22,438
- Funds due
- $31,904
- Interest + MI left
- $639,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,052 | $374,052 | $420,052 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,473.45 | $2,473.45 | $2,908.36 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $174.61 | $174.61 | $84.01 |
| Taxes, insurance & HOA | $401.67 | $401.67 | $401.67 |
| Total housing payment | $3,049.72 | $3,518.46 | $3,394.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,438
Closing costs & prepaids$12,739
Usable credit−$0
Total buyer cash needed$35,177
Earnest money paid−$0
Remaining funds due$35,177
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,424.90
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)$500.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$69.28
Prepaid interest, second (1 days)$14.97
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 4 moOf the original 30-year loan at 6.760%
Interest already paid$42,559Through Nov 2026
Assumption only · ends Mar 2055$506,540
Assumption + second · ends Mar 2055, second Dec 2056$629,287
New conventional · ends Dec 2056$639,221