Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,632/mo
Lowest payment- Down payment
- $160,770
- Funds due
- $173,386
- Interest + MI left
- $408,626
- First ends
- May 2055
Assumption
Assumption + second
$3,461/mo
+$829/mo- Down payment
- $47,770
- Funds due
- $61,859
- Interest + MI left
- $594,121
- First ends
- May 2055
New loan
New conventional
$3,442/mo
+$810/mo- Down payment
- $47,770
- Funds due
- $58,362
- Interest + MI left
- $624,681
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,230 | $314,230 | $427,230 |
| Second mortgage | — | $113,000 | — |
| First P&I | $2,022.64 | $2,022.64 | $2,894.20 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $146.67 | $146.67 | $85.45 |
| Taxes, insurance & HOA | $462.67 | $462.67 | $462.67 |
| Total housing payment | $2,631.97 | $3,461.13 | $3,442.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,770
Closing costs & prepaids$14,090
Usable credit−$0
Total buyer cash needed$61,859
Earnest money paid−$0
Remaining funds due$61,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$503.63
Prepaid interest, second (9 days)$222.90
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 5 moOf the original 30-year loan at 6.5%
Interest already paid$32,657Through Dec 2026
Assumption only · ends May 2055$408,626
Assumption + second · ends May 2055, second Jan 2057$594,121
New conventional · ends Jan 2057$624,681