Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,776/mo
Lowest payment- Down payment
- $92,094
- Funds due
- $107,202
- Interest + MI left
- $741,592
- First ends
- Jan 2055
Assumption
Assumption + second
$4,993/mo
+$217/mo- Down payment
- $65,094
- Funds due
- $81,459
- Interest + MI left
- $792,801
- First ends
- Jan 2055
New loan
New conventional
$5,011/mo
+$235/mo- Down payment
- $65,094
- Funds due
- $77,768
- Interest + MI left
- $887,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $557,906 | $557,906 | $584,906 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,670.98 | $3,670.98 | $4,049.77 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $261.01 | $261.01 | $116.98 |
| Taxes, insurance & HOA | $843.75 | $843.75 | $843.75 |
| Total housing payment | $4,775.74 | $4,992.99 | $5,010.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,094
Closing costs & prepaids$16,365
Usable credit−$0
Total buyer cash needed$81,459
Earnest money paid−$0
Remaining funds due$81,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$2,031.25
Prepaid interest, first (1 days)$102.26
Prepaid interest, second (1 days)$6.66
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 2 moOf the original 30-year loan at 6.690%
Interest already paid$69,184Through Nov 2026
Assumption only · ends Jan 2055$741,592
Assumption + second · ends Jan 2055, second Dec 2056$792,801
New conventional · ends Dec 2056$887,049