Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,838/mo
Lowest payment- Down payment
- $64,449
- Funds due
- $77,107
- Interest + MI left
- $382,525
- First ends
- Dec 2055
Assumption
Assumption + second
$3,246/mo
+$408/mo- Down payment
- $24,449
- Funds due
- $38,474
- Interest + MI left
- $489,261
- First ends
- Dec 2055
New loan
New conventional
$3,607/mo
+$769/mo- Down payment
- $24,449
- Funds due
- $35,375
- Interest + MI left
- $652,319
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,551 | $404,551 | $444,551 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,143.40 | $2,143.40 | $3,011.54 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $188.33 | $188.33 | $88.91 |
| Taxes, insurance & HOA | $506.25 | $506.25 | $506.25 |
| Total housing payment | $2,837.98 | $3,245.58 | $3,606.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,449
Closing costs & prepaids$14,025
Usable credit−$0
Total buyer cash needed$38,474
Earnest money paid−$0
Remaining funds due$38,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$562.75
Initial HOA (3 months)$456.00
Prepaid interest, first (9 days)$473.82
Prepaid interest, second (9 days)$117.12
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 closing29 yrOf the original 30-year loan at 4.75%
Interest already paid$19,380Through Dec 2026
Assumption only · ends Dec 2055$382,525
Assumption + second · ends Dec 2055, second Jan 2057$489,261
New conventional · ends Jan 2057$652,319