Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,503/mo
Lowest payment- Down payment
- $54,505
- Funds due
- $65,473
- Interest + MI left
- $407,547
- First ends
- May 2055
Assumption
Assumption + second
$2,870/mo
+$367/mo- Down payment
- $18,505
- Funds due
- $30,828
- Interest + MI left
- $503,609
- First ends
- May 2055
New loan
New conventional
$2,746/mo
+$243/mo- Down payment
- $18,505
- Funds due
- $27,592
- Interest + MI left
- $501,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,494 | $305,494 | $341,494 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,996.18 | $1,996.18 | $2,313.40 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $142.52 | $142.52 | $68.30 |
| Taxes, insurance & HOA | $364.00 | $364.00 | $364.00 |
| Total housing payment | $2,502.69 | $2,869.54 | $2,745.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,505
Closing costs & prepaids$12,323
Usable credit−$0
Total buyer cash needed$30,828
Earnest money paid−$0
Remaining funds due$30,828
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.99
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)$432.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$500.93
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 30-year loan at 6.65%
Interest already paid$32,473Through Dec 2026
Assumption only · ends May 2055$407,547
Assumption + second · ends May 2055, second Jan 2057$503,609
New conventional · ends Jan 2057$501,096