Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,170/mo
Lowest payment- Down payment
- $60,401
- Funds due
- $72,158
- Interest + MI left
- $514,867
- First ends
- Jun 2055
Assumption
Assumption + second
$3,557/mo
+$387/mo- Down payment
- $22,401
- Funds due
- $35,420
- Interest + MI left
- $616,266
- First ends
- Jun 2055
New loan
New conventional
$3,498/mo
+$328/mo- Down payment
- $22,401
- Funds due
- $32,150
- Interest + MI left
- $643,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,599 | $384,599 | $422,599 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,503.11 | $2,503.11 | $2,925.99 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $179.08 | $179.08 | $84.52 |
| Taxes, insurance & HOA | $487.41 | $487.41 | $487.41 |
| Total housing payment | $3,169.61 | $3,556.83 | $3,497.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,401
Closing costs & prepaids$13,019
Usable credit−$0
Total buyer cash needed$35,420
Earnest money paid−$0
Remaining funds due$35,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$852.25
Initial HOA (3 months)$159.99
Prepaid interest, first (1 days)$69.86
Prepaid interest, second (1 days)$12.36
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 7 moOf the original 30-year loan at 6.630%
Interest already paid$36,432Through Nov 2026
Assumption only · ends Jun 2055$514,867
Assumption + second · ends Jun 2055, second Dec 2056$616,266
New conventional · ends Dec 2056$643,182