Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,275/mo
Lowest payment- Down payment
- $117,867
- Funds due
- $130,354
- Interest + MI left
- $553,241
- First ends
- Apr 2055
Assumption
Assumption + second
$3,798/mo
+$523/mo- Down payment
- $52,867
- Funds due
- $66,620
- Interest + MI left
- $676,522
- First ends
- Apr 2055
New loan
New conventional
$3,759/mo
+$484/mo- Down payment
- $52,867
- Funds due
- $63,045
- Interest + MI left
- $716,020
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,132 | $407,132 | $472,132 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,689.57 | $2,689.57 | $3,268.95 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $189.86 | $189.86 | $94.43 |
| Taxes, insurance & HOA | $395.33 | $395.33 | $395.33 |
| Total housing payment | $3,274.76 | $3,797.76 | $3,758.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,867
Closing costs & prepaids$13,752
Usable credit−$0
Total buyer cash needed$66,620
Earnest money paid−$0
Remaining funds due$66,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.99
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)$505.00
Initial HOA (3 months)$180.99
Prepaid interest, first (1 days)$75.40
Prepaid interest, second (1 days)$16.03
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 5 moOf the original 30-year loan at 6.760%
Interest already paid$43,984Through Nov 2026
Assumption only · ends Apr 2055$553,241
Assumption + second · ends Apr 2055, second Dec 2056$676,522
New conventional · ends Dec 2056$716,020