Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,810/mo
Lowest payment- Down payment
- $76,242
- Funds due
- $87,713
- Interest + MI left
- $452,940
- First ends
- Oct 2055
Assumption
Assumption + second
$3,092/mo
+$282/mo- Down payment
- $41,242
- Funds due
- $53,981
- Interest + MI left
- $519,323
- First ends
- Oct 2055
New loan
New conventional
$3,119/mo
+$308/mo- Down payment
- $41,242
- Funds due
- $50,529
- Interest + MI left
- $559,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,758 | $333,758 | $368,758 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,163.82 | $2,163.82 | $2,553.21 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $154.81 | $154.81 | $73.75 |
| Taxes, insurance & HOA | $491.67 | $491.67 | $491.67 |
| Total housing payment | $2,810.30 | $3,091.92 | $3,118.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,242
Closing costs & prepaids$12,739
Usable credit−$0
Total buyer cash needed$53,981
Earnest money paid−$0
Remaining funds due$53,981
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$1,025.00
Prepaid interest, first (2 days)$121.25
Prepaid interest, second (2 days)$17.26
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 11 moOf the original 30-year loan at 6.630%
Interest already paid$24,129Through Nov 2026
Assumption only · ends Oct 2055$452,940
Assumption + second · ends Oct 2055, second Dec 2056$519,323
New conventional · ends Dec 2056$559,246