Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,573/mo
Lowest payment- Down payment
- $322,176
- Funds due
- $334,586
- Interest + MI left
- $186,256
- First ends
- May 2055
Assumption
Assumption + second
$3,550/mo
+$1,977/mo- Down payment
- $46,176
- Funds due
- $59,894
- Interest + MI left
- $622,083
- First ends
- May 2055
New loan
New conventional
$3,532/mo
+$1,959/mo- Down payment
- $46,176
- Funds due
- $56,382
- Interest + MI left
- $619,927
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,824 | $132,824 | $408,824 |
| Second mortgage | — | $276,000 | — |
| First P&I | $891.46 | $891.46 | $2,830.61 |
| Second P&I | — | $1,977.30 | — |
| Mortgage insurance | $61.85 | $61.85 | $81.76 |
| Taxes, insurance & HOA | $619.83 | $619.83 | $619.83 |
| Total housing payment | $1,573.14 | $3,550.44 | $3,532.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,176
Closing costs & prepaids$13,718
Usable credit−$0
Total buyer cash needed$59,894
Earnest money paid−$0
Remaining funds due$59,894
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,359.50
Prepaid interest, first (1 days)$25.22
Prepaid interest, second (1 days)$58.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.930%
Interest already paid$13,925Through Nov 2026
Assumption only · ends May 2055$186,256
Assumption + second · ends May 2055, second Dec 2056$622,083
New conventional · ends Dec 2056$619,927