Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,901/mo
Lowest payment- Down payment
- $105,552
- Funds due
- $117,687
- Interest + MI left
- $484,423
- First ends
- May 2055
Assumption
Assumption + second
$3,367/mo
+$467/mo- Down payment
- $47,552
- Funds due
- $61,023
- Interest + MI left
- $594,428
- First ends
- May 2055
New loan
New conventional
$3,300/mo
+$400/mo- Down payment
- $47,552
- Funds due
- $57,513
- Interest + MI left
- $617,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,348 | $364,348 | $422,348 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,376.00 | $2,376.00 | $2,861.13 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $169.99 | $169.99 | $84.47 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $2,900.65 | $3,367.33 | $3,300.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,552
Closing costs & prepaids$13,471
Usable credit−$0
Total buyer cash needed$61,023
Earnest money paid−$0
Remaining funds due$61,023
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
Prepaid interest, first (6 days)$397.09
Prepaid interest, second (6 days)$85.81
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 5 moOf the original 30-year loan at 6.63%
Interest already paid$38,614Through Dec 2026
Assumption only · ends May 2055$484,423
Assumption + second · ends May 2055, second Jan 2057$594,428
New conventional · ends Jan 2057$617,543