Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,440/mo
Lowest payment- Down payment
- $57,351
- Funds due
- $69,658
- Interest + MI left
- $563,854
- First ends
- Jan 2055
Assumption
Assumption + second
$3,766/mo
+$326/mo- Down payment
- $25,351
- Funds due
- $38,928
- Interest + MI left
- $649,243
- First ends
- Jan 2055
New loan
New conventional
$3,773/mo
+$333/mo- Down payment
- $25,351
- Funds due
- $35,640
- Interest + MI left
- $722,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,649 | $442,649 | $474,649 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,840.90 | $2,840.90 | $3,286.37 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $207.30 | $207.30 | $94.93 |
| Taxes, insurance & HOA | $391.75 | $391.75 | $391.75 |
| Total housing payment | $3,439.95 | $3,766.03 | $3,773.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,351
Closing costs & prepaids$13,577
Usable credit−$0
Total buyer cash needed$38,928
Earnest money paid−$0
Remaining funds due$38,928
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$375.25
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$156.20
Prepaid interest, second (2 days)$20.82
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 2 moOf the original 30-year loan at 6.440%
Interest already paid$52,868Through Nov 2026
Assumption only · ends Jan 2055$563,854
Assumption + second · ends Jan 2055, second Dec 2056$649,243
New conventional · ends Dec 2056$722,305