Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,296/mo
Lowest payment- Down payment
- $106,326
- Funds due
- $118,836
- Interest + MI left
- $559,695
- First ends
- Jun 2055
Assumption
Assumption + second
$3,730/mo
+$434/mo- Down payment
- $52,326
- Funds due
- $66,113
- Interest + MI left
- $662,114
- First ends
- Jun 2055
New loan
New conventional
$3,738/mo
+$442/mo- Down payment
- $52,326
- Funds due
- $62,552
- Interest + MI left
- $713,809
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,674 | $416,674 | $470,674 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,717.31 | $2,717.31 | $3,258.85 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $194.00 | $194.00 | $94.13 |
| Taxes, insurance & HOA | $384.58 | $384.58 | $384.58 |
| Total housing payment | $3,295.90 | $3,730.39 | $3,737.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,326
Closing costs & prepaids$13,787
Usable credit−$0
Total buyer cash needed$66,113
Earnest money paid−$0
Remaining funds due$66,113
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,230.00
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)$521.75
Initial HOA (3 months)$132.00
Prepaid interest, first (2 days)$151.83
Prepaid interest, second (2 days)$26.63
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 7 moOf the original 30-year loan at 6.650%
Interest already paid$39,589Through Nov 2026
Assumption only · ends Jun 2055$559,695
Assumption + second · ends Jun 2055, second Dec 2056$662,114
New conventional · ends Dec 2056$713,809