Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,316/mo
Lowest payment- Down payment
- $118,263
- Funds due
- $131,477
- Interest + MI left
- $550,800
- First ends
- Apr 2055
Assumption
Assumption + second
$3,839/mo
+$523/mo- Down payment
- $53,263
- Funds due
- $67,872
- Interest + MI left
- $674,082
- First ends
- Apr 2055
New loan
New conventional
$3,727/mo
+$411/mo- Down payment
- $53,263
- Funds due
- $64,302
- Interest + MI left
- $689,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,736 | $406,736 | $471,736 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,689.57 | $2,689.57 | $3,195.70 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $189.86 | $189.86 | $94.35 |
| Taxes, insurance & HOA | $437.00 | $437.00 | $437.00 |
| Total housing payment | $3,316.43 | $3,839.43 | $3,727.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,263
Closing costs & prepaids$14,608
Usable credit−$0
Total buyer cash needed$67,872
Earnest money paid−$0
Remaining funds due$67,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.99
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)$630.00
Initial HOA (3 months)$180.99
Prepaid interest, first (9 days)$677.97
Prepaid interest, second (9 days)$144.25
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 6.76%
Interest already paid$46,278Through Dec 2026
Assumption only · ends Apr 2055$550,800
Assumption + second · ends Apr 2055, second Jan 2057$674,082
New conventional · ends Jan 2057$689,756