Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,803/mo
Lowest payment- Down payment
- $68,873
- Funds due
- $83,568
- Interest + MI left
- $793,759
- First ends
- Jun 2055
Assumption
Assumption + second
$5,169/mo
+$367/mo- Down payment
- $32,873
- Funds due
- $48,830
- Interest + MI left
- $889,822
- First ends
- Jun 2055
New loan
New conventional
$5,097/mo
+$294/mo- Down payment
- $32,873
- Funds due
- $45,457
- Interest + MI left
- $937,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,127 | $580,127 | $616,127 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,825.02 | $3,825.02 | $4,265.94 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $270.02 | $270.02 | $123.23 |
| Taxes, insurance & HOA | $707.50 | $707.50 | $707.50 |
| Total housing payment | $4,802.53 | $5,169.37 | $5,096.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,873
Closing costs & prepaids$15,957
Usable credit−$0
Total buyer cash needed$48,830
Earnest money paid−$0
Remaining funds due$48,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,490.00
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)$1,622.50
Prepaid interest, first (1 days)$107.44
Prepaid interest, second (1 days)$11.71
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$56,020Through Nov 2026
Assumption only · ends Jun 2055$793,759
Assumption + second · ends Jun 2055, second Dec 2056$889,822
New conventional · ends Dec 2056$937,602