Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,791/mo
Lowest payment- Down payment
- $132,114
- Funds due
- $144,294
- Interest + MI left
- $437,420
- First ends
- Apr 2055
Assumption
Assumption + second
$3,483/mo
+$692/mo- Down payment
- $46,114
- Funds due
- $59,587
- Interest + MI left
- $600,531
- First ends
- Apr 2055
New loan
New conventional
$3,444/mo
+$653/mo- Down payment
- $46,114
- Funds due
- $56,081
- Interest + MI left
- $627,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,886 | $327,886 | $413,886 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,142.49 | $2,142.49 | $2,865.66 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $152.96 | $152.96 | $82.78 |
| Taxes, insurance & HOA | $495.25 | $495.25 | $495.25 |
| Total housing payment | $2,790.71 | $3,482.68 | $3,443.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,114
Closing costs & prepaids$13,473
Usable credit−$0
Total buyer cash needed$59,587
Earnest money paid−$0
Remaining funds due$59,587
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$658.75
Initial HOA (3 months)$327.00
Prepaid interest, first (2 days)$119.48
Prepaid interest, second (2 days)$42.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.650%
Interest already paid$34,853Through Nov 2026
Assumption only · ends Apr 2055$437,420
Assumption + second · ends Apr 2055, second Dec 2056$600,531
New conventional · ends Dec 2056$627,686