Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,121/mo
Lowest payment- Down payment
- $59,669
- Funds due
- $71,300
- Interest + MI left
- $512,586
- First ends
- Apr 2055
Assumption
Assumption + second
$3,508/mo
+$387/mo- Down payment
- $21,669
- Funds due
- $34,575
- Interest + MI left
- $613,985
- First ends
- Apr 2055
New loan
New conventional
$3,343/mo
+$223/mo- Down payment
- $21,669
- Funds due
- $31,306
- Interest + MI left
- $606,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,331 | $360,331 | $398,331 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,446.85 | $2,446.85 | $2,757.96 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $167.89 | $167.89 | $79.67 |
| Taxes, insurance & HOA | $505.83 | $505.83 | $505.83 |
| Total housing payment | $3,120.57 | $3,507.79 | $3,343.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,669
Closing costs & prepaids$12,906
Usable credit−$0
Total buyer cash needed$34,575
Earnest money paid−$0
Remaining funds due$34,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,067.50
Prepaid interest, first (2 days)$139.00
Prepaid interest, second (2 days)$24.73
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 7.040%
Interest already paid$40,521Through Nov 2026
Assumption only · ends Apr 2055$512,586
Assumption + second · ends Apr 2055, second Dec 2056$613,985
New conventional · ends Dec 2056$606,167