Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,514/mo
Lowest payment- Down payment
- $55,816
- Funds due
- $68,871
- Interest + MI left
- $561,324
- First ends
- Jan 2055
Assumption
Assumption + second
$3,820/mo
+$306/mo- Down payment
- $25,816
- Funds due
- $40,209
- Interest + MI left
- $641,376
- First ends
- Jan 2055
New loan
New conventional
$3,759/mo
+$245/mo- Down payment
- $25,816
- Funds due
- $36,946
- Interest + MI left
- $692,866
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $442,184 | $442,184 | $472,184 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,840.90 | $2,840.90 | $3,198.74 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $207.30 | $207.30 | $94.44 |
| Taxes, insurance & HOA | $465.83 | $465.83 | $465.83 |
| Total housing payment | $3,514.03 | $3,819.73 | $3,759.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,816
Closing costs & prepaids$14,393
Usable credit−$0
Total buyer cash needed$40,209
Earnest money paid−$0
Remaining funds due$40,209
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,980.00
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)$597.50
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$702.16
Prepaid interest, second (9 days)$87.84
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 1 moOf the original 30-year loan at 6.44%
Interest already paid$55,243Through Dec 2026
Assumption only · ends Jan 2055$561,324
Assumption + second · ends Jan 2055, second Jan 2057$641,376
New conventional · ends Jan 2057$692,866