Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,452/mo
Lowest payment- Down payment
- $59,007
- Funds due
- $71,914
- Interest + MI left
- $543,482
- First ends
- Jun 2055
Assumption
Assumption + second
$3,809/mo
+$357/mo- Down payment
- $24,007
- Funds due
- $38,232
- Interest + MI left
- $636,876
- First ends
- Jun 2055
New loan
New conventional
$3,688/mo
+$236/mo- Down payment
- $24,007
- Funds due
- $34,950
- Interest + MI left
- $647,098
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,993 | $405,993 | $440,993 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,650.25 | $2,650.25 | $2,987.44 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $189.22 | $189.22 | $88.20 |
| Taxes, insurance & HOA | $612.67 | $612.67 | $612.67 |
| Total housing payment | $3,452.13 | $3,808.78 | $3,688.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,007
Closing costs & prepaids$14,225
Usable credit−$0
Total buyer cash needed$38,232
Earnest money paid−$0
Remaining funds due$38,232
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)$780.00
Prepaid interest, first (6 days)$443.81
Prepaid interest, second (6 days)$68.32
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$40,864Through Dec 2026
Assumption only · ends Jun 2055$543,482
Assumption + second · ends Jun 2055, second Jan 2057$636,876
New conventional · ends Jan 2057$647,098