Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,590/mo
Lowest payment- Down payment
- $54,338
- Funds due
- $67,324
- Interest + MI left
- $605,277
- First ends
- Dec 2055
Assumption
Assumption + second
$3,876/mo
+$285/mo- Down payment
- $26,338
- Funds due
- $40,629
- Interest + MI left
- $679,992
- First ends
- Dec 2055
New loan
New conventional
$3,903/mo
+$312/mo- Down payment
- $26,338
- Funds due
- $37,362
- Interest + MI left
- $731,819
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,662 | $470,662 | $498,662 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,947.49 | $2,947.49 | $3,378.11 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $218.25 | $218.25 | $99.73 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $3,590.41 | $3,875.73 | $3,902.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,338
Closing costs & prepaids$14,291
Usable credit−$0
Total buyer cash needed$40,629
Earnest money paid−$0
Remaining funds due$40,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$144.00
Prepaid interest, first (6 days)$487.43
Prepaid interest, second (6 days)$54.66
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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$29,842Through Dec 2026
Assumption only · ends Dec 2055$605,277
Assumption + second · ends Dec 2055, second Jan 2057$679,992
New conventional · ends Jan 2057$731,819