Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,038/mo
Lowest payment- Down payment
- $131,493
- Funds due
- $144,447
- Interest + MI left
- $488,592
- First ends
- Apr 2055
Assumption
Assumption + second
$3,689/mo
+$652/mo- Down payment
- $50,493
- Funds due
- $64,877
- Interest + MI left
- $642,220
- First ends
- Apr 2055
New loan
New conventional
$3,590/mo
+$553/mo- Down payment
- $50,493
- Funds due
- $61,334
- Interest + MI left
- $655,791
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,507 | $367,507 | $448,507 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,403.77 | $2,403.77 | $3,038.34 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $171.62 | $171.62 | $89.70 |
| Taxes, insurance & HOA | $462.25 | $462.25 | $462.25 |
| Total housing payment | $3,037.64 | $3,689.39 | $3,590.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,493
Closing costs & prepaids$14,384
Usable credit−$0
Total buyer cash needed$64,877
Earnest money paid−$0
Remaining funds due$64,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$602.61
Prepaid interest, second (9 days)$179.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 6.65%
Interest already paid$41,142Through Dec 2026
Assumption only · ends Apr 2055$488,592
Assumption + second · ends Apr 2055, second Jan 2057$642,220
New conventional · ends Jan 2057$655,791