Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,495/mo
Lowest payment- Down payment
- $262,109
- Funds due
- $275,500
- Interest + MI left
- $383,415
- First ends
- May 2055
Assumption
Assumption + second
$3,978/mo
+$1,483/mo- Down payment
- $55,109
- Funds due
- $70,146
- Interest + MI left
- $710,285
- First ends
- May 2055
New loan
New conventional
$3,933/mo
+$1,438/mo- Down payment
- $55,109
- Funds due
- $66,554
- Interest + MI left
- $723,611
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,890 | $287,890 | $494,890 |
| Second mortgage | — | $207,000 | — |
| First P&I | $1,879.27 | $1,879.27 | $3,352.56 |
| Second P&I | — | $1,482.97 | — |
| Mortgage insurance | $134.31 | $134.31 | $98.98 |
| Taxes, insurance & HOA | $481.67 | $481.67 | $481.67 |
| Total housing payment | $2,495.25 | $3,978.22 | $3,933.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,109
Closing costs & prepaids$15,037
Usable credit−$0
Total buyer cash needed$70,146
Earnest money paid−$0
Remaining funds due$70,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.99
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)$660.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$471.35
Prepaid interest, second (9 days)$395.57
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 6.64%
Interest already paid$30,557Through Dec 2026
Assumption only · ends May 2055$383,415
Assumption + second · ends May 2055, second Jan 2057$710,285
New conventional · ends Jan 2057$723,611