Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,141/mo
Lowest payment- Down payment
- $78,096
- Funds due
- $91,191
- Interest + MI left
- $439,635
- First ends
- Oct 2055
Assumption
Assumption + second
$3,342/mo
+$201/mo- Down payment
- $53,096
- Funds due
- $67,478
- Interest + MI left
- $487,051
- First ends
- Oct 2055
New loan
New conventional
$3,793/mo
+$652/mo- Down payment
- $53,096
- Funds due
- $64,052
- Interest + MI left
- $690,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,904 | $446,904 | $471,904 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,430.48 | $2,430.48 | $3,196.84 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $208.46 | $208.46 | $94.38 |
| Taxes, insurance & HOA | $501.67 | $501.67 | $501.67 |
| Total housing payment | $3,140.60 | $3,341.76 | $3,792.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,096
Closing costs & prepaids$14,381
Usable credit−$0
Total buyer cash needed$67,478
Earnest money paid−$0
Remaining funds due$67,478
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)$375.00
Prepaid interest, first (6 days)$364.38
Prepaid interest, second (6 days)$36.99
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 10 moOf the original 30-year loan at 4.96%
Interest already paid$26,108Through Dec 2026
Assumption only · ends Oct 2055$439,635
Assumption + second · ends Oct 2055, second Jan 2057$487,051
New conventional · ends Jan 2057$690,002