Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,389/mo
Lowest payment- Down payment
- $54,875
- Funds due
- $69,277
- Interest + MI left
- $747,292
- First ends
- Apr 2055
Assumption
Assumption + second
$4,644/mo
+$255/mo- Down payment
- $29,875
- Funds due
- $45,600
- Interest + MI left
- $814,003
- First ends
- Apr 2055
New loan
New conventional
$4,461/mo
+$72/mo- Down payment
- $29,875
- Funds due
- $42,261
- Interest + MI left
- $829,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,125 | $540,125 | $565,125 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,617.68 | $3,617.68 | $3,828.35 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $252.02 | $252.02 | $113.02 |
| Taxes, insurance & HOA | $519.67 | $519.67 | $519.67 |
| Total housing payment | $4,389.37 | $4,644.12 | $4,461.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,875
Closing costs & prepaids$15,725
Usable credit−$0
Total buyer cash needed$45,600
Earnest money paid−$0
Remaining funds due$45,600
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$917.62
Prepaid interest, second (9 days)$73.20
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 4 moOf the original 30-year loan at 6.89%
Interest already paid$62,622Through Dec 2026
Assumption only · ends Apr 2055$747,292
Assumption + second · ends Apr 2055, second Jan 2057$814,003
New conventional · ends Jan 2057$829,358