Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,453/mo
Lowest payment- Down payment
- $64,205
- Funds due
- $74,679
- Interest + MI left
- $409,353
- First ends
- May 2055
Assumption
Assumption + second
$2,670/mo
+$217/mo- Down payment
- $37,205
- Funds due
- $48,935
- Interest + MI left
- $460,562
- First ends
- May 2055
New loan
New conventional
$2,685/mo
+$232/mo- Down payment
- $37,205
- Funds due
- $45,519
- Interest + MI left
- $504,706
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,795 | $305,795 | $332,795 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,996.18 | $1,996.18 | $2,304.21 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $142.52 | $142.52 | $66.56 |
| Taxes, insurance & HOA | $314.42 | $314.42 | $314.42 |
| Total housing payment | $2,453.11 | $2,670.36 | $2,685.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,205
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$48,935
Earnest money paid−$0
Remaining funds due$48,935
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$283.25
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$55.71
Prepaid interest, second (1 days)$6.66
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 6.650%
Interest already paid$30,779Through Nov 2026
Assumption only · ends May 2055$409,353
Assumption + second · ends May 2055, second Dec 2056$460,562
New conventional · ends Dec 2056$504,706