Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,541/mo
Lowest payment- Down payment
- $59,985
- Funds due
- $71,117
- Interest + MI left
- $407,670
- First ends
- May 2055
Assumption
Assumption + second
$2,959/mo
+$418/mo- Down payment
- $18,985
- Funds due
- $31,487
- Interest + MI left
- $517,074
- First ends
- May 2055
New loan
New conventional
$2,797/mo
+$257/mo- Down payment
- $18,985
- Funds due
- $28,231
- Interest + MI left
- $500,379
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,005 | $300,005 | $341,005 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,981.88 | $1,981.88 | $2,310.09 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $139.91 | $139.91 | $68.20 |
| Taxes, insurance & HOA | $419.00 | $419.00 | $419.00 |
| Total housing payment | $2,540.78 | $2,958.57 | $2,797.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,985
Closing costs & prepaids$12,502
Usable credit−$0
Total buyer cash needed$31,487
Earnest money paid−$0
Remaining funds due$31,487
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.90
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)$375.00
Prepaid interest, first (9 days)$500.06
Prepaid interest, second (9 days)$120.05
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$32,411Through Dec 2026
Assumption only · ends May 2055$407,670
Assumption + second · ends May 2055, second Jan 2057$517,074
New conventional · ends Jan 2057$500,379