Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,125/mo
Lowest payment- Down payment
- $55,403
- Funds due
- $65,356
- Interest + MI left
- $346,923
- First ends
- May 2055
Assumption
Assumption + second
$2,523/mo
+$397/mo- Down payment
- $16,403
- Funds due
- $27,632
- Interest + MI left
- $450,991
- First ends
- May 2055
New loan
New conventional
$2,439/mo
+$313/mo- Down payment
- $16,403
- Funds due
- $24,420
- Interest + MI left
- $454,395
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,597 | $259,597 | $298,597 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,692.91 | $1,692.91 | $2,067.43 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $120.99 | $120.99 | $59.72 |
| Taxes, insurance & HOA | $311.50 | $311.50 | $311.50 |
| Total housing payment | $2,125.41 | $2,522.82 | $2,438.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,403
Closing costs & prepaids$11,229
Usable credit−$0
Total buyer cash needed$27,632
Earnest money paid−$0
Remaining funds due$27,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$284.50
Initial HOA (3 months)$200.01
Prepaid interest, first (2 days)$94.45
Prepaid interest, second (2 days)$25.38
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$26,090Through Nov 2026
Assumption only · ends May 2055$346,923
Assumption + second · ends May 2055, second Dec 2056$450,991
New conventional · ends Dec 2056$454,395