Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,443/mo
Lowest payment- Down payment
- $129,416
- Funds due
- $142,166
- Interest + MI left
- $600,557
- First ends
- May 2055
Assumption
Assumption + second
$4,023/mo
+$579/mo- Down payment
- $57,416
- Funds due
- $71,434
- Interest + MI left
- $737,115
- First ends
- May 2055
New loan
New conventional
$3,982/mo
+$539/mo- Down payment
- $57,416
- Funds due
- $67,814
- Interest + MI left
- $777,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,434 | $440,434 | $512,434 |
| Second mortgage | — | $72,000 | — |
| First P&I | $2,906.75 | $2,906.75 | $3,547.99 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $205.20 | $205.20 | $102.49 |
| Taxes, insurance & HOA | $331.50 | $331.50 | $331.50 |
| Total housing payment | $3,443.44 | $4,022.77 | $3,981.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,416
Closing costs & prepaids$14,017
Usable credit−$0
Total buyer cash needed$71,434
Earnest money paid−$0
Remaining funds due$71,434
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,698.50
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)$409.50
Initial HOA (3 months)$84.99
Prepaid interest, first (1 days)$81.57
Prepaid interest, second (1 days)$17.75
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 6.760%
Interest already paid$45,055Through Nov 2026
Assumption only · ends May 2055$600,557
Assumption + second · ends May 2055, second Dec 2056$737,115
New conventional · ends Dec 2056$777,141