Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,530/mo
Lowest payment- Down payment
- $116,842
- Funds due
- $130,372
- Interest + MI left
- $597,915
- First ends
- May 2055
Assumption
Assumption + second
$4,021/mo
+$491/mo- Down payment
- $55,842
- Funds due
- $70,758
- Interest + MI left
- $713,611
- First ends
- May 2055
New loan
New conventional
$3,912/mo
+$382/mo- Down payment
- $55,842
- Funds due
- $67,167
- Interest + MI left
- $732,557
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,008 | $440,008 | $501,008 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,906.75 | $2,906.75 | $3,394.00 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $205.20 | $205.20 | $100.20 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $3,529.69 | $4,020.51 | $3,911.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,842
Closing costs & prepaids$14,916
Usable credit−$0
Total buyer cash needed$70,758
Earnest money paid−$0
Remaining funds due$70,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,568.50
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)$668.25
Initial HOA (3 months)$84.99
Prepaid interest, first (9 days)$733.43
Prepaid interest, second (9 days)$135.37
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 6.76%
Interest already paid$47,536Through Dec 2026
Assumption only · ends May 2055$597,915
Assumption + second · ends May 2055, second Jan 2057$713,611
New conventional · ends Jan 2057$732,557