Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,113/mo
Lowest payment- Down payment
- $116,362
- Funds due
- $127,034
- Interest + MI left
- $323,163
- First ends
- May 2055
Assumption
Assumption + second
$2,757/mo
+$644/mo- Down payment
- $36,362
- Funds due
- $48,304
- Interest + MI left
- $474,895
- First ends
- May 2055
New loan
New conventional
$2,719/mo
+$606/mo- Down payment
- $36,362
- Funds due
- $44,892
- Interest + MI left
- $489,238
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,638 | $242,638 | $322,638 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,579.15 | $1,579.15 | $2,233.88 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $113.09 | $113.09 | $64.53 |
| Taxes, insurance & HOA | $421.00 | $421.00 | $421.00 |
| Total housing payment | $2,113.25 | $2,756.94 | $2,719.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,362
Closing costs & prepaids$11,942
Usable credit−$0
Total buyer cash needed$48,304
Earnest money paid−$0
Remaining funds due$48,304
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$300.00
Initial HOA (3 months)$513.00
Prepaid interest, first (1 days)$44.01
Prepaid interest, second (1 days)$19.73
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 6.620%
Interest already paid$24,313Through Nov 2026
Assumption only · ends May 2055$323,163
Assumption + second · ends May 2055, second Dec 2056$474,895
New conventional · ends Dec 2056$489,238