Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,440/mo
Lowest payment- Down payment
- $49,981
- Funds due
- $60,608
- Interest + MI left
- $374,214
- First ends
- May 2055
Assumption
Assumption + second
$2,776/mo
+$336/mo- Down payment
- $16,981
- Funds due
- $28,880
- Interest + MI left
- $462,271
- First ends
- May 2055
New loan
New conventional
$2,713/mo
+$273/mo- Down payment
- $16,981
- Funds due
- $25,663
- Interest + MI left
- $476,342
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,019 | $280,019 | $313,019 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,826.08 | $1,826.08 | $2,167.28 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $130.51 | $130.51 | $62.60 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $2,439.93 | $2,776.20 | $2,713.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,981
Closing costs & prepaids$11,898
Usable credit−$0
Total buyer cash needed$28,880
Earnest money paid−$0
Remaining funds due$28,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,000.00
Prepaid interest, first (2 days)$101.88
Prepaid interest, second (2 days)$21.47
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$28,142Through Nov 2026
Assumption only · ends May 2055$374,214
Assumption + second · ends May 2055, second Dec 2056$462,271
New conventional · ends Dec 2056$476,342