Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,481/mo
Lowest payment- Down payment
- $44,520
- Funds due
- $55,412
- Interest + MI left
- $406,395
- First ends
- Oct 2055
Assumption
Assumption + second
$2,757/mo
+$275/mo- Down payment
- $17,520
- Funds due
- $29,741
- Interest + MI left
- $478,442
- First ends
- Oct 2055
New loan
New conventional
$2,676/mo
+$195/mo- Down payment
- $17,520
- Funds due
- $26,526
- Interest + MI left
- $480,598
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,480 | $300,480 | $327,480 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,949.95 | $1,949.95 | $2,218.46 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $139.50 | $139.50 | $65.50 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $2,481.45 | $2,756.58 | $2,675.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,520
Closing costs & prepaids$12,221
Usable credit−$0
Total buyer cash needed$29,741
Earnest money paid−$0
Remaining funds due$29,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$312.00
Prepaid interest, first (9 days)$491.22
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 10 moOf the original 30-year loan at 6.63%
Interest already paid$23,405Through Dec 2026
Assumption only · ends Oct 2055$406,395
Assumption + second · ends Oct 2055, second Jan 2057$478,442
New conventional · ends Jan 2057$480,598