Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,885/mo
Lowest payment- Down payment
- $77,499
- Funds due
- $89,314
- Interest + MI left
- $484,524
- First ends
- Jun 2055
Assumption
Assumption + second
$3,158/mo
+$274/mo- Down payment
- $43,499
- Funds due
- $56,640
- Interest + MI left
- $549,009
- First ends
- Jun 2055
New loan
New conventional
$3,078/mo
+$193/mo- Down payment
- $43,499
- Funds due
- $53,172
- Interest + MI left
- $564,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,401 | $352,401 | $386,401 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,337.32 | $2,337.32 | $2,617.61 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $164.16 | $164.16 | $77.28 |
| Taxes, insurance & HOA | $383.33 | $383.33 | $383.33 |
| Total housing payment | $2,884.81 | $3,158.38 | $3,078.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,499
Closing costs & prepaids$13,141
Usable credit−$0
Total buyer cash needed$56,640
Earnest money paid−$0
Remaining funds due$56,640
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$183.99
Prepaid interest, first (9 days)$591.74
Prepaid interest, second (9 days)$75.45
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 6 moOf the original 30-year loan at 6.81%
Interest already paid$36,313Through Dec 2026
Assumption only · ends Jun 2055$484,524
Assumption + second · ends Jun 2055, second Jan 2057$549,009
New conventional · ends Jan 2057$564,982