Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,560/mo
Lowest payment- Down payment
- $125,417
- Funds due
- $138,658
- Interest + MI left
- $568,419
- First ends
- Feb 2055
Assumption
Assumption + second
$4,132/mo
+$571/mo- Down payment
- $54,417
- Funds due
- $68,925
- Interest + MI left
- $703,080
- First ends
- Feb 2055
New loan
New conventional
$4,036/mo
+$476/mo- Down payment
- $54,417
- Funds due
- $65,333
- Interest + MI left
- $728,740
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,583 | $409,583 | $480,583 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,756.73 | $2,756.73 | $3,327.46 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $191.26 | $191.26 | $96.12 |
| Taxes, insurance & HOA | $612.50 | $612.50 | $612.50 |
| Total housing payment | $3,560.49 | $4,131.78 | $4,036.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,417
Closing costs & prepaids$14,508
Usable credit−$0
Total buyer cash needed$68,925
Earnest money paid−$0
Remaining funds due$68,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$1,337.50
Prepaid interest, first (1 days)$77.76
Prepaid interest, second (1 days)$17.51
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 3 moOf the original 30-year loan at 6.930%
Interest already paid$50,172Through Nov 2026
Assumption only · ends Feb 2055$568,419
Assumption + second · ends Feb 2055, second Dec 2056$703,080
New conventional · ends Dec 2056$728,740