Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,867/mo
Lowest payment- Down payment
- $53,712
- Funds due
- $67,394
- Interest + MI left
- $635,170
- First ends
- Jun 2055
Assumption
Assumption + second
$4,142/mo
+$275/mo- Down payment
- $26,712
- Funds due
- $41,723
- Interest + MI left
- $707,217
- First ends
- Jun 2055
New loan
New conventional
$4,049/mo
+$182/mo- Down payment
- $26,712
- Funds due
- $38,438
- Interest + MI left
- $737,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,288 | $475,288 | $502,288 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,099.49 | $3,099.49 | $3,402.67 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $221.52 | $221.52 | $100.46 |
| Taxes, insurance & HOA | $546.25 | $546.25 | $546.25 |
| Total housing payment | $3,867.26 | $4,142.39 | $4,049.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,712
Closing costs & prepaids$15,011
Usable credit−$0
Total buyer cash needed$41,723
Earnest money paid−$0
Remaining funds due$41,723
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Initial HOA (3 months)$504.00
Prepaid interest, first (9 days)$778.17
Prepaid interest, second (9 days)$79.06
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 6 moOf the original 30-year loan at 6.64%
Interest already paid$47,767Through Dec 2026
Assumption only · ends Jun 2055$635,170
Assumption + second · ends Jun 2055, second Jan 2057$707,217
New conventional · ends Jan 2057$737,140