Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,524/mo
Lowest payment- Down payment
- $55,784
- Funds due
- $66,983
- Interest + MI left
- $389,832
- First ends
- May 2055
Assumption
Assumption + second
$2,891/mo
+$367/mo- Down payment
- $19,784
- Funds due
- $32,338
- Interest + MI left
- $485,894
- First ends
- May 2055
New loan
New conventional
$2,910/mo
+$386/mo- Down payment
- $19,784
- Funds due
- $29,147
- Interest + MI left
- $535,905
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,216 | $329,216 | $365,216 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,009.50 | $2,009.50 | $2,474.10 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $152.05 | $152.05 | $73.04 |
| Taxes, insurance & HOA | $362.92 | $362.92 | $362.92 |
| Total housing payment | $2,524.47 | $2,891.31 | $2,910.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,784
Closing costs & prepaids$12,555
Usable credit−$0
Total buyer cash needed$32,338
Earnest money paid−$0
Remaining funds due$32,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$176.76
Prepaid interest, first (9 days)$485.44
Prepaid interest, second (9 days)$105.41
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 29-year loan at 5.98%
Interest already paid$11,535Through Dec 2026
Assumption only · ends May 2055$389,832
Assumption + second · ends May 2055, second Jan 2057$485,894
New conventional · ends Jan 2057$535,905