Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,097/mo
Lowest payment- Down payment
- $84,348
- Funds due
- $97,036
- Interest + MI left
- $488,486
- First ends
- May 2055
Assumption
Assumption + second
$3,403/mo
+$306/mo- Down payment
- $46,348
- Funds due
- $60,370
- Interest + MI left
- $560,558
- First ends
- May 2055
New loan
New conventional
$3,389/mo
+$292/mo- Down payment
- $46,348
- Funds due
- $56,903
- Interest + MI left
- $604,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,642 | $375,642 | $413,642 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,417.93 | $2,417.93 | $2,802.15 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $175.33 | $175.33 | $82.73 |
| Taxes, insurance & HOA | $503.67 | $503.67 | $503.67 |
| Total housing payment | $3,096.93 | $3,402.69 | $3,388.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,348
Closing costs & prepaids$14,022
Usable credit−$0
Total buyer cash needed$60,370
Earnest money paid−$0
Remaining funds due$60,370
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.90
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)$459.00
Prepaid interest, first (9 days)$602.06
Prepaid interest, second (9 days)$84.33
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$39,040Through Dec 2026
Assumption only · ends May 2055$488,486
Assumption + second · ends May 2055, second Jan 2057$560,558
New conventional · ends Jan 2057$604,813