Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,556/mo
Lowest payment- Down payment
- $71,955
- Funds due
- $83,159
- Interest + MI left
- $393,416
- First ends
- May 2054
Assumption
Assumption + second
$2,822/mo
+$266/mo- Down payment
- $38,955
- Funds due
- $51,482
- Interest + MI left
- $456,005
- First ends
- May 2054
New loan
New conventional
$2,754/mo
+$197/mo- Down payment
- $38,955
- Funds due
- $48,069
- Interest + MI left
- $498,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,044 | $308,044 | $341,044 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,035.88 | $2,035.88 | $2,310.35 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $145.50 | $145.50 | $68.21 |
| Taxes, insurance & HOA | $375.00 | $375.00 | $375.00 |
| Total housing payment | $2,556.38 | $2,821.91 | $2,753.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,955
Closing costs & prepaids$12,528
Usable credit−$0
Total buyer cash needed$51,482
Earnest money paid−$0
Remaining funds due$51,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$456.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$504.35
Prepaid interest, second (9 days)$73.23
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 closing27 yr 5 moOf the original 30-year loan at 6.64%
Interest already paid$53,696Through Dec 2026
Assumption only · ends May 2054$393,416
Assumption + second · ends May 2054, second Jan 2057$456,005
New conventional · ends Jan 2057$498,595