Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,943/mo
Lowest payment- Down payment
- $54,732
- Funds due
- $66,479
- Interest + MI left
- $416,797
- First ends
- Mar 2055
Assumption
Assumption + second
$3,310/mo
+$367/mo- Down payment
- $18,732
- Funds due
- $31,741
- Interest + MI left
- $512,859
- First ends
- Mar 2055
New loan
New conventional
$3,184/mo
+$240/mo- Down payment
- $18,732
- Funds due
- $28,502
- Interest + MI left
- $511,654
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,268 | $300,268 | $336,268 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,015.10 | $2,015.10 | $2,328.25 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $140.09 | $140.09 | $67.25 |
| Taxes, insurance & HOA | $788.17 | $788.17 | $788.17 |
| Total housing payment | $2,943.36 | $3,310.20 | $3,183.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,732
Closing costs & prepaids$13,008
Usable credit−$0
Total buyer cash needed$31,741
Earnest money paid−$0
Remaining funds due$31,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$975.50
Initial HOA (3 months)$939.00
Prepaid interest, first (1 days)$56.85
Prepaid interest, second (1 days)$11.71
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 4 moOf the original 30-year loan at 6.910%
Interest already paid$34,913Through Nov 2026
Assumption only · ends Mar 2055$416,797
Assumption + second · ends Mar 2055, second Dec 2056$512,859
New conventional · ends Dec 2056$511,654