Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,988/mo
Lowest payment- Down payment
- $73,091
- Funds due
- $85,127
- Interest + MI left
- $486,468
- First ends
- Apr 2055
Assumption
Assumption + second
$3,221/mo
+$233/mo- Down payment
- $44,091
- Funds due
- $57,441
- Interest + MI left
- $541,471
- First ends
- Apr 2055
New loan
New conventional
$3,178/mo
+$190/mo- Down payment
- $44,091
- Funds due
- $53,985
- Interest + MI left
- $577,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,909 | $365,909 | $394,909 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,393.32 | $2,393.32 | $2,675.25 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $170.87 | $170.87 | $78.98 |
| Taxes, insurance & HOA | $423.58 | $423.58 | $423.58 |
| Total housing payment | $2,987.78 | $3,221.12 | $3,177.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,091
Closing costs & prepaids$13,350
Usable credit−$0
Total buyer cash needed$57,441
Earnest money paid−$0
Remaining funds due$57,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$599.99
Prepaid interest, second (9 days)$64.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.65%
Interest already paid$40,964Through Dec 2026
Assumption only · ends Apr 2055$486,468
Assumption + second · ends Apr 2055, second Jan 2057$541,471
New conventional · ends Jan 2057$577,422