Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,889/mo
Lowest payment- Down payment
- $61,840
- Funds due
- $73,739
- Interest + MI left
- $396,289
- First ends
- Apr 2055
Assumption
Assumption + second
$3,090/mo
+$201/mo- Down payment
- $36,840
- Funds due
- $50,002
- Interest + MI left
- $443,705
- First ends
- Apr 2055
New loan
New conventional
$3,107/mo
+$219/mo- Down payment
- $36,840
- Funds due
- $46,594
- Interest + MI left
- $489,878
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,060 | $298,060 | $323,060 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,943.72 | $1,943.72 | $2,236.80 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $139.06 | $139.06 | $64.61 |
| Taxes, insurance & HOA | $805.75 | $805.75 | $805.75 |
| Total housing payment | $2,888.53 | $3,089.68 | $3,107.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,840
Closing costs & prepaids$13,162
Usable credit−$0
Total buyer cash needed$50,002
Earnest money paid−$0
Remaining funds due$50,002
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$1,592.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$108.28
Prepaid interest, second (2 days)$12.33
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 5 moOf the original 30-year loan at 6.630%
Interest already paid$31,589Through Nov 2026
Assumption only · ends Apr 2055$396,289
Assumption + second · ends Apr 2055, second Dec 2056$443,705
New conventional · ends Dec 2056$489,878