Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,516/mo
Lowest payment- Down payment
- $90,626
- Funds due
- $101,451
- Interest + MI left
- $395,235
- First ends
- May 2054
Assumption
Assumption + second
$2,918/mo
+$402/mo- Down payment
- $40,626
- Funds due
- $52,713
- Interest + MI left
- $490,067
- First ends
- May 2054
New loan
New conventional
$2,888/mo
+$372/mo- Down payment
- $40,626
- Funds due
- $49,261
- Interest + MI left
- $543,427
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,374 | $308,374 | $358,374 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,035.88 | $2,035.88 | $2,481.31 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $145.50 | $145.50 | $71.67 |
| Taxes, insurance & HOA | $334.58 | $334.58 | $334.58 |
| Total housing payment | $2,515.97 | $2,918.28 | $2,887.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,626
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$52,713
Earnest money paid−$0
Remaining funds due$52,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$334.75
Initial HOA (3 months)$219.00
Prepaid interest, first (1 days)$56.10
Prepaid interest, second (1 days)$12.33
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 closing27 yr 6 moOf the original 30-year loan at 6.640%
Interest already paid$51,990Through Nov 2026
Assumption only · ends May 2054$395,235
Assumption + second · ends May 2054, second Dec 2056$490,067
New conventional · ends Dec 2056$543,427