Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,153/mo
Lowest payment- Down payment
- $100,015
- Funds due
- $112,354
- Interest + MI left
- $512,068
- First ends
- Jul 2055
Assumption
Assumption + second
$3,579/mo
+$426/mo- Down payment
- $47,015
- Funds due
- $60,617
- Interest + MI left
- $612,590
- First ends
- Jul 2055
New loan
New conventional
$3,545/mo
+$392/mo- Down payment
- $47,015
- Funds due
- $57,101
- Interest + MI left
- $641,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,885 | $369,885 | $422,885 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,448.63 | $2,448.63 | $2,927.97 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $171.97 | $171.97 | $84.58 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $3,152.61 | $3,579.06 | $3,544.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,015
Closing costs & prepaids$13,602
Usable credit−$0
Total buyer cash needed$60,617
Earnest money paid−$0
Remaining funds due$60,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$841.00
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$69.01
Prepaid interest, second (1 days)$13.07
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 8 moOf the original 30-year loan at 6.810%
Interest already paid$33,846Through Nov 2026
Assumption only · ends Jul 2055$512,068
Assumption + second · ends Jul 2055, second Dec 2056$612,590
New conventional · ends Dec 2056$641,334