Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,930/mo
Lowest payment- Down payment
- $66,411
- Funds due
- $79,831
- Interest + MI left
- $620,613
- First ends
- Feb 2055
Assumption
Assumption + second
$4,338/mo
+$408/mo- Down payment
- $26,411
- Funds due
- $41,107
- Interest + MI left
- $727,349
- First ends
- Feb 2055
New loan
New conventional
$4,217/mo
+$287/mo- Down payment
- $26,411
- Funds due
- $37,798
- Interest + MI left
- $754,917
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,079 | $456,079 | $496,079 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,033.73 | $3,033.73 | $3,434.75 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $213.07 | $213.07 | $99.22 |
| Taxes, insurance & HOA | $683.25 | $683.25 | $683.25 |
| Total housing payment | $3,930.05 | $4,337.65 | $4,217.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,411
Closing costs & prepaids$14,696
Usable credit−$0
Total buyer cash needed$41,107
Earnest money paid−$0
Remaining funds due$41,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,224.90
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)$1,483.75
Initial HOA (3 months)$66.00
Prepaid interest, first (2 days)$170.19
Prepaid interest, second (2 days)$26.03
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 3 moOf the original 30-year loan at 6.810%
Interest already paid$54,913Through Nov 2026
Assumption only · ends Feb 2055$620,613
Assumption + second · ends Feb 2055, second Dec 2056$727,349
New conventional · ends Dec 2056$754,917