Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,788/mo
Lowest payment- Down payment
- $55,733
- Funds due
- $68,978
- Interest + MI left
- $579,324
- First ends
- Mar 2055
Assumption
Assumption + second
$4,104/mo
+$316/mo- Down payment
- $24,733
- Funds due
- $39,248
- Interest + MI left
- $662,045
- First ends
- Mar 2055
New loan
New conventional
$4,014/mo
+$226/mo- Down payment
- $24,733
- Funds due
- $35,957
- Interest + MI left
- $692,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $424,267 | $424,267 | $455,267 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,819.39 | $2,819.39 | $3,152.18 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $198.01 | $198.01 | $91.05 |
| Taxes, insurance & HOA | $770.67 | $770.67 | $770.67 |
| Total housing payment | $3,788.07 | $4,103.96 | $4,013.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,733
Closing costs & prepaids$14,515
Usable credit−$0
Total buyer cash needed$39,248
Earnest money paid−$0
Remaining funds due$39,248
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$1,803.25
Initial HOA (3 months)$8.76
Prepaid interest, first (2 days)$158.32
Prepaid interest, second (2 days)$20.17
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 4 moOf the original 30-year loan at 6.810%
Interest already paid$48,625Through Nov 2026
Assumption only · ends Mar 2055$579,324
Assumption + second · ends Mar 2055, second Dec 2056$662,045
New conventional · ends Dec 2056$692,810