Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
Lowest payment- Down payment
- $49,494
- Funds due
- $61,551
- Interest + MI left
- $389,534
- First ends
- Jul 2055
Assumption
Assumption + second
$3,190/mo
+$326/mo- Down payment
- $17,494
- Funds due
- $30,874
- Interest + MI left
- $474,923
- First ends
- Jul 2055
New loan
New conventional
$3,112/mo
+$248/mo- Down payment
- $17,494
- Funds due
- $27,659
- Interest + MI left
- $483,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,506 | $297,506 | $329,506 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,911.12 | $1,911.12 | $2,232.19 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $138.58 | $138.58 | $65.90 |
| Taxes, insurance & HOA | $813.83 | $813.83 | $813.83 |
| Total housing payment | $2,863.54 | $3,189.62 | $3,111.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,494
Closing costs & prepaids$13,380
Usable credit−$0
Total buyer cash needed$30,874
Earnest money paid−$0
Remaining funds due$30,874
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$416.50
Initial HOA (3 months)$1,575.00
Prepaid interest, first (7 days)$370.86
Prepaid interest, second (7 days)$72.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 7 moOf the original 30-year loan at 6.5%
Interest already paid$27,635Through Dec 2026
Assumption only · ends Jul 2055$389,534
Assumption + second · ends Jul 2055, second Jan 2057$474,923
New conventional · ends Jan 2057$483,572