Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,241/mo
Lowest payment- Down payment
- $107,180
- Funds due
- $119,831
- Interest + MI left
- $549,721
- First ends
- Apr 2055
Assumption
Assumption + second
$3,700/mo
+$459/mo- Down payment
- $50,180
- Funds due
- $64,165
- Interest + MI left
- $657,829
- First ends
- Apr 2055
New loan
New conventional
$3,546/mo
+$305/mo- Down payment
- $50,180
- Funds due
- $60,610
- Interest + MI left
- $657,710
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,819 | $392,819 | $449,819 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,649.16 | $2,649.16 | $3,047.23 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $183.24 | $183.24 | $89.96 |
| Taxes, insurance & HOA | $408.67 | $408.67 | $408.67 |
| Total housing payment | $3,241.07 | $3,699.71 | $3,545.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,180
Closing costs & prepaids$13,985
Usable credit−$0
Total buyer cash needed$64,165
Earnest money paid−$0
Remaining funds due$64,165
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Initial HOA (3 months)$126.00
Prepaid interest, first (6 days)$449.43
Prepaid interest, second (6 days)$84.33
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 6.96%
Interest already paid$46,000Through Dec 2026
Assumption only · ends Apr 2055$549,721
Assumption + second · ends Apr 2055, second Jan 2057$657,829
New conventional · ends Jan 2057$657,710