Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$930/mo
Lowest payment- Down payment
- $468,068
- Funds due
- $480,998
- Interest + MI left
- $65,843
- First ends
- Aug 2055
Assumption
Assumption + second
$3,910/mo
+$2,980/mo- Down payment
- $52,068
- Funds due
- $66,424
- Interest + MI left
- $722,742
- First ends
- Aug 2055
New loan
New conventional
$3,894/mo
+$2,964/mo- Down payment
- $52,068
- Funds due
- $62,848
- Interest + MI left
- $701,973
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $46,931 | $46,931 | $462,931 |
| Second mortgage | — | $416,000 | — |
| First P&I | $312.25 | $312.25 | $3,205.24 |
| Second P&I | — | $2,980.27 | — |
| Mortgage insurance | $21.80 | $21.80 | $92.59 |
| Taxes, insurance & HOA | $595.83 | $595.83 | $595.83 |
| Total housing payment | $929.88 | $3,910.15 | $3,893.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,068
Closing costs & prepaids$14,357
Usable credit−$0
Total buyer cash needed$66,424
Earnest money paid−$0
Remaining funds due$66,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,149.99
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)$1,287.50
Prepaid interest, first (2 days)$17.67
Prepaid interest, second (2 days)$176.66
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 9 moOf the original 30-year loan at 6.870%
Interest already paid$4,059Through Nov 2026
Assumption only · ends Aug 2055$65,843
Assumption + second · ends Aug 2055, second Dec 2056$722,742
New conventional · ends Dec 2056$701,973