Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,703/mo
Lowest payment- Down payment
- $104,124
- Funds due
- $115,598
- Interest + MI left
- $460,784
- First ends
- Apr 2055
Assumption
Assumption + second
$3,186/mo
+$483/mo- Down payment
- $44,124
- Funds due
- $56,937
- Interest + MI left
- $574,582
- First ends
- Apr 2055
New loan
New conventional
$3,050/mo
+$347/mo- Down payment
- $44,124
- Funds due
- $53,441
- Interest + MI left
- $571,525
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,876 | $330,876 | $390,876 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,224.87 | $2,224.87 | $2,647.93 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $154.36 | $154.36 | $78.18 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $2,703.24 | $3,186.01 | $3,050.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,124
Closing costs & prepaids$12,813
Usable credit−$0
Total buyer cash needed$56,937
Earnest money paid−$0
Remaining funds due$56,937
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$376.93
Prepaid interest, second (6 days)$88.77
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 4 moOf the original 30-year loan at 6.93%
Interest already paid$38,581Through Dec 2026
Assumption only · ends Apr 2055$460,784
Assumption + second · ends Apr 2055, second Jan 2057$574,582
New conventional · ends Jan 2057$571,525