Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,651/mo
Lowest payment- Down payment
- $50,707
- Funds due
- $63,406
- Interest + MI left
- $599,175
- First ends
- Jun 2055
Assumption
Assumption + second
$3,916/mo
+$265/mo- Down payment
- $24,707
- Funds due
- $38,673
- Interest + MI left
- $668,553
- First ends
- Jun 2055
New loan
New conventional
$3,850/mo
+$199/mo- Down payment
- $24,707
- Funds due
- $35,384
- Interest + MI left
- $700,459
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,293 | $434,293 | $460,293 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,877.73 | $2,877.73 | $3,186.98 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $202.11 | $202.11 | $92.06 |
| Taxes, insurance & HOA | $570.83 | $570.83 | $570.83 |
| Total housing payment | $3,650.68 | $3,915.62 | $3,849.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,707
Closing costs & prepaids$13,966
Usable credit−$0
Total buyer cash needed$38,673
Earnest money paid−$0
Remaining funds due$38,673
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,212.50
Prepaid interest, first (2 days)$162.06
Prepaid interest, second (2 days)$16.92
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 7 moOf the original 30-year loan at 6.810%
Interest already paid$42,245Through Nov 2026
Assumption only · ends Jun 2055$599,175
Assumption + second · ends Jun 2055, second Dec 2056$668,553
New conventional · ends Dec 2056$700,459