Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,941/mo
Lowest payment- Down payment
- $83,967
- Funds due
- $95,650
- Interest + MI left
- $490,659
- First ends
- May 2055
Assumption
Assumption + second
$3,238/mo
+$298/mo- Down payment
- $46,967
- Funds due
- $59,910
- Interest + MI left
- $560,834
- First ends
- May 2055
New loan
New conventional
$3,290/mo
+$349/mo- Down payment
- $46,967
- Funds due
- $56,398
- Interest + MI left
- $626,295
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,023 | $376,023 | $413,023 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,417.93 | $2,417.93 | $2,859.69 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $175.33 | $175.33 | $82.60 |
| Taxes, insurance & HOA | $347.25 | $347.25 | $347.25 |
| Total housing payment | $2,940.51 | $3,238.22 | $3,289.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,967
Closing costs & prepaids$12,943
Usable credit−$0
Total buyer cash needed$59,910
Earnest money paid−$0
Remaining funds due$59,910
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.90
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)$82.75
Initial HOA (3 months)$459.00
Prepaid interest, first (1 days)$66.96
Prepaid interest, second (1 days)$9.12
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 30-year loan at 6.500%
Interest already paid$37,003Through Nov 2026
Assumption only · ends May 2055$490,659
Assumption + second · ends May 2055, second Dec 2056$560,834
New conventional · ends Dec 2056$626,295