Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,747/mo
Lowest payment- Down payment
- $100,641
- Funds due
- $112,965
- Interest + MI left
- $429,138
- First ends
- Sep 2055
Assumption
Assumption + second
$3,173/mo
+$426/mo- Down payment
- $47,641
- Funds due
- $61,333
- Interest + MI left
- $529,660
- First ends
- Sep 2055
New loan
New conventional
$3,337/mo
+$590/mo- Down payment
- $47,641
- Funds due
- $57,916
- Interest + MI left
- $624,870
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,359 | $374,359 | $427,359 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,215.92 | $2,215.92 | $2,895.08 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $174.42 | $174.42 | $85.47 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,747.01 | $3,173.46 | $3,337.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,641
Closing costs & prepaids$13,692
Usable credit−$0
Total buyer cash needed$61,333
Earnest money paid−$0
Remaining funds due$61,333
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
Prepaid interest, first (9 days)$528.92
Prepaid interest, second (9 days)$117.62
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 9 moOf the original 30-year loan at 5.73%
Interest already paid$27,052Through Dec 2026
Assumption only · ends Sep 2055$429,138
Assumption + second · ends Sep 2055, second Jan 2057$529,660
New conventional · ends Jan 2057$624,870