Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,867/mo
Lowest payment- Down payment
- $72,802
- Funds due
- $84,049
- Interest + MI left
- $486,398
- First ends
- May 2055
Assumption
Assumption + second
$3,100/mo
+$233/mo- Down payment
- $43,802
- Funds due
- $56,314
- Interest + MI left
- $541,401
- First ends
- May 2055
New loan
New conventional
$3,128/mo
+$261/mo- Down payment
- $43,802
- Funds due
- $52,839
- Interest + MI left
- $597,828
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,198 | $365,198 | $394,198 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,376.80 | $2,376.80 | $2,729.35 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $170.22 | $170.22 | $78.84 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,867.02 | $3,100.36 | $3,128.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,802
Closing costs & prepaids$12,512
Usable credit−$0
Total buyer cash needed$56,314
Earnest money paid−$0
Remaining funds due$56,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,380.00
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)$426.00
Initial HOA (3 months)$84.00
Prepaid interest, first (2 days)$132.47
Prepaid interest, second (2 days)$14.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 6.620%
Interest already paid$36,594Through Nov 2026
Assumption only · ends May 2055$486,398
Assumption + second · ends May 2055, second Dec 2056$541,401
New conventional · ends Dec 2056$597,828