Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,216/mo
Lowest payment- Down payment
- $103,565
- Funds due
- $116,592
- Interest + MI left
- $529,695
- First ends
- Sep 2055
Assumption
Assumption + second
$3,642/mo
+$426/mo- Down payment
- $50,565
- Funds due
- $64,959
- Interest + MI left
- $630,217
- First ends
- Sep 2055
New loan
New conventional
$3,604/mo
+$388/mo- Down payment
- $50,565
- Funds due
- $61,439
- Interest + MI left
- $657,002
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,335 | $396,335 | $449,335 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,561.54 | $2,561.54 | $3,043.95 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $184.21 | $184.21 | $89.87 |
| Taxes, insurance & HOA | $470.00 | $470.00 | $470.00 |
| Total housing payment | $3,215.75 | $3,642.20 | $3,603.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,565
Closing costs & prepaids$14,395
Usable credit−$0
Total buyer cash needed$64,959
Earnest money paid−$0
Remaining funds due$64,959
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Initial HOA (3 months)$309.99
Prepaid interest, first (9 days)$643.04
Prepaid interest, second (9 days)$117.62
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 9 moOf the original 30-year loan at 6.58%
Interest already paid$32,846Through Dec 2026
Assumption only · ends Sep 2055$529,695
Assumption + second · ends Sep 2055, second Jan 2057$630,217
New conventional · ends Jan 2057$657,002