Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,307/mo
Lowest payment- Down payment
- $96,543
- Funds due
- $109,332
- Interest + MI left
- $495,060
- First ends
- Aug 2055
Assumption
Assumption + second
$3,718/mo
+$410/mo- Down payment
- $45,543
- Funds due
- $59,607
- Interest + MI left
- $591,789
- First ends
- Aug 2055
New loan
New conventional
$3,675/mo
+$368/mo- Down payment
- $45,543
- Funds due
- $56,108
- Interest + MI left
- $613,290
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,447 | $353,447 | $404,447 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,349.27 | $2,349.27 | $2,800.31 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $164.16 | $164.16 | $80.89 |
| Taxes, insurance & HOA | $794.00 | $794.00 | $794.00 |
| Total housing payment | $3,307.43 | $3,717.79 | $3,675.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,543
Closing costs & prepaids$14,065
Usable credit−$0
Total buyer cash needed$59,607
Earnest money paid−$0
Remaining funds due$59,607
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$1,372.00
Initial HOA (3 months)$560.01
Prepaid interest, first (2 days)$132.86
Prepaid interest, second (2 days)$25.15
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 9 moOf the original 30-year loan at 6.860%
Interest already paid$30,527Through Nov 2026
Assumption only · ends Aug 2055$495,060
Assumption + second · ends Aug 2055, second Dec 2056$591,789
New conventional · ends Dec 2056$613,290