Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,755/mo
Lowest payment- Down payment
- $132,439
- Funds due
- $144,930
- Interest + MI left
- $435,484
- First ends
- Apr 2055
Assumption
Assumption + second
$3,447/mo
+$692/mo- Down payment
- $46,439
- Funds due
- $60,371
- Interest + MI left
- $598,596
- First ends
- Apr 2055
New loan
New conventional
$3,344/mo
+$589/mo- Down payment
- $46,439
- Funds due
- $56,861
- Interest + MI left
- $604,695
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,561 | $327,561 | $413,561 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,142.49 | $2,142.49 | $2,801.61 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $152.96 | $152.96 | $82.71 |
| Taxes, insurance & HOA | $459.67 | $459.67 | $459.67 |
| Total housing payment | $2,755.12 | $3,447.10 | $3,343.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,439
Closing costs & prepaids$13,932
Usable credit−$0
Total buyer cash needed$60,371
Earnest money paid−$0
Remaining funds due$60,371
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Initial HOA (3 months)$327.00
Prepaid interest, first (9 days)$537.11
Prepaid interest, second (9 days)$190.85
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$36,670Through Dec 2026
Assumption only · ends Apr 2055$435,484
Assumption + second · ends Apr 2055, second Jan 2057$598,596
New conventional · ends Jan 2057$604,695