Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,505/mo
Lowest payment- Down payment
- $65,417
- Funds due
- $76,225
- Interest + MI left
- $391,589
- First ends
- May 2055
Assumption
Assumption + second
$2,706/mo
+$201/mo- Down payment
- $40,417
- Funds due
- $52,481
- Interest + MI left
- $439,005
- First ends
- May 2055
New loan
New conventional
$2,869/mo
+$364/mo- Down payment
- $40,417
- Funds due
- $49,039
- Interest + MI left
- $537,678
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,583 | $329,583 | $354,583 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,009.50 | $2,009.50 | $2,455.06 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $152.05 | $152.05 | $70.92 |
| Taxes, insurance & HOA | $343.00 | $343.00 | $343.00 |
| Total housing payment | $2,504.56 | $2,705.71 | $2,868.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,417
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$52,481
Earnest money paid−$0
Remaining funds due$52,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$402.25
Initial HOA (3 months)$176.76
Prepaid interest, first (1 days)$54.00
Prepaid interest, second (1 days)$6.16
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 29-year loan at 5.980%
Interest already paid$9,892Through Nov 2026
Assumption only · ends May 2055$391,589
Assumption + second · ends May 2055, second Dec 2056$439,005
New conventional · ends Dec 2056$537,678