Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,839/mo
Lowest payment- Down payment
- $52,168
- Funds due
- $64,473
- Interest + MI left
- $387,846
- First ends
- Oct 2055
Assumption
Assumption + second
$3,124/mo
+$285/mo- Down payment
- $24,168
- Funds due
- $37,778
- Interest + MI left
- $462,561
- First ends
- Oct 2055
New loan
New conventional
$3,527/mo
+$689/mo- Down payment
- $24,168
- Funds due
- $34,630
- Interest + MI left
- $646,862
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,832 | $412,832 | $440,832 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,193.17 | $2,193.17 | $2,986.35 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $192.70 | $192.70 | $88.17 |
| Taxes, insurance & HOA | $452.67 | $452.67 | $452.67 |
| Total housing payment | $2,838.53 | $3,123.85 | $3,527.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,168
Closing costs & prepaids$13,610
Usable credit−$0
Total buyer cash needed$37,778
Earnest money paid−$0
Remaining funds due$37,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$300.00
Prepaid interest, first (6 days)$322.35
Prepaid interest, second (6 days)$54.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 4.75%
Interest already paid$23,105Through Dec 2026
Assumption only · ends Oct 2055$387,846
Assumption + second · ends Oct 2055, second Jan 2057$462,561
New conventional · ends Jan 2057$646,862