Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,060/mo
Lowest payment- Down payment
- $100,364
- Funds due
- $112,771
- Interest + MI left
- $509,832
- First ends
- Jul 2055
Assumption
Assumption + second
$3,487/mo
+$426/mo- Down payment
- $47,364
- Funds due
- $61,099
- Interest + MI left
- $610,354
- First ends
- Jul 2055
New loan
New conventional
$3,387/mo
+$326/mo- Down payment
- $47,364
- Funds due
- $57,582
- Interest + MI left
- $617,818
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,536 | $369,536 | $422,536 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,448.63 | $2,448.63 | $2,862.41 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $171.97 | $171.97 | $84.51 |
| Taxes, insurance & HOA | $439.67 | $439.67 | $439.67 |
| Total housing payment | $3,060.28 | $3,486.73 | $3,386.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,364
Closing costs & prepaids$13,735
Usable credit−$0
Total buyer cash needed$61,099
Earnest money paid−$0
Remaining funds due$61,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$564.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$413.68
Prepaid interest, second (6 days)$78.41
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 7 moOf the original 30-year loan at 6.81%
Interest already paid$35,946Through Dec 2026
Assumption only · ends Jul 2055$509,832
Assumption + second · ends Jul 2055, second Jan 2057$610,354
New conventional · ends Jan 2057$617,818