Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,119/mo
Lowest payment- Down payment
- $110,709
- Funds due
- $125,123
- Interest + MI left
- $621,830
- First ends
- May 2055
Assumption
Assumption + second
$4,554/mo
+$434/mo- Down payment
- $56,709
- Funds due
- $72,386
- Interest + MI left
- $724,249
- First ends
- May 2055
New loan
New conventional
$4,504/mo
+$384/mo- Down payment
- $56,709
- Funds due
- $68,774
- Interest + MI left
- $763,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,291 | $449,291 | $503,291 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,991.76 | $2,991.76 | $3,484.69 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $209.26 | $209.26 | $100.66 |
| Taxes, insurance & HOA | $918.25 | $918.25 | $918.25 |
| Total housing payment | $4,119.28 | $4,553.77 | $4,503.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,709
Closing costs & prepaids$15,677
Usable credit−$0
Total buyer cash needed$72,386
Earnest money paid−$0
Remaining funds due$72,386
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$2,228.50
Initial HOA (3 months)$26.25
Prepaid interest, first (1 days)$84.32
Prepaid interest, second (1 days)$13.32
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 6.850%
Interest already paid$46,566Through Nov 2026
Assumption only · ends May 2055$621,830
Assumption + second · ends May 2055, second Dec 2056$724,249
New conventional · ends Dec 2056$763,174