Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,165/mo
Lowest payment- Down payment
- $49,039
- Funds due
- $61,051
- Interest + MI left
- $527,612
- First ends
- Mar 2055
Assumption
Assumption + second
$3,441/mo
+$275/mo- Down payment
- $22,039
- Funds due
- $35,380
- Interest + MI left
- $599,659
- First ends
- Mar 2055
New loan
New conventional
$3,310/mo
+$145/mo- Down payment
- $22,039
- Funds due
- $32,119
- Interest + MI left
- $613,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,961 | $390,961 | $417,961 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,587.79 | $2,587.79 | $2,831.41 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $182.68 | $182.68 | $83.59 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $3,165.47 | $3,440.60 | $3,310.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,039
Closing costs & prepaids$13,341
Usable credit−$0
Total buyer cash needed$35,380
Earnest money paid−$0
Remaining funds due$35,380
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$651.67
Prepaid interest, second (9 days)$79.06
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 3 moOf the original 30-year loan at 6.76%
Interest already paid$46,731Through Dec 2026
Assumption only · ends Mar 2055$527,612
Assumption + second · ends Mar 2055, second Jan 2057$599,659
New conventional · ends Jan 2057$613,385