Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,122/mo
Lowest payment- Down payment
- $60,002
- Funds due
- $71,776
- Interest + MI left
- $510,340
- First ends
- Apr 2055
Assumption
Assumption + second
$3,519/mo
+$397/mo- Down payment
- $21,002
- Funds due
- $34,076
- Interest + MI left
- $614,408
- First ends
- Apr 2055
New loan
New conventional
$3,271/mo
+$149/mo- Down payment
- $21,002
- Funds due
- $30,799
- Interest + MI left
- $578,684
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,998 | $359,998 | $398,998 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,446.85 | $2,446.85 | $2,684.09 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $167.89 | $167.89 | $79.80 |
| Taxes, insurance & HOA | $507.00 | $507.00 | $507.00 |
| Total housing payment | $3,121.74 | $3,519.15 | $3,270.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,002
Closing costs & prepaids$13,074
Usable credit−$0
Total buyer cash needed$34,076
Earnest money paid−$0
Remaining funds due$34,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,071.00
Prepaid interest, first (4 days)$277.74
Prepaid interest, second (4 days)$50.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 7.04%
Interest already paid$42,635Through Dec 2026
Assumption only · ends Apr 2055$510,340
Assumption + second · ends Apr 2055, second Jan 2057$614,408
New conventional · ends Jan 2057$578,684