Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,353/mo
Lowest payment- Down payment
- $48,732
- Funds due
- $58,902
- Interest + MI left
- $408,170
- First ends
- Oct 2055
Assumption
Assumption + second
$2,669/mo
+$316/mo- Down payment
- $17,732
- Funds due
- $29,172
- Interest + MI left
- $490,891
- First ends
- Oct 2055
New loan
New conventional
$2,627/mo
+$274/mo- Down payment
- $17,732
- Funds due
- $25,950
- Interest + MI left
- $504,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,768 | $300,768 | $331,768 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,949.95 | $1,949.95 | $2,297.09 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $139.50 | $139.50 | $66.35 |
| Taxes, insurance & HOA | $263.67 | $263.67 | $263.67 |
| Total housing payment | $2,353.12 | $2,669.01 | $2,627.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,732
Closing costs & prepaids$11,440
Usable credit−$0
Total buyer cash needed$29,172
Earnest money paid−$0
Remaining funds due$29,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,495.00
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)$29.00
Initial HOA (3 months)$312.00
Prepaid interest, first (2 days)$109.27
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 11 moOf the original 30-year loan at 6.630%
Interest already paid$21,744Through Nov 2026
Assumption only · ends Oct 2055$408,170
Assumption + second · ends Oct 2055, second Dec 2056$490,891
New conventional · ends Dec 2056$504,874