Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,537/mo
Lowest payment- Down payment
- $110,636
- Funds due
- $123,445
- Interest + MI left
- $622,721
- First ends
- Jul 2055
Assumption
Assumption + second
$3,964/mo
+$426/mo- Down payment
- $57,636
- Funds due
- $71,721
- Interest + MI left
- $723,243
- First ends
- Jul 2055
New loan
New conventional
$3,991/mo
+$453/mo- Down payment
- $57,636
- Funds due
- $68,110
- Interest + MI left
- $784,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,364 | $464,364 | $517,364 |
| Second mortgage | — | $53,000 | — |
| First P&I | $3,016.27 | $3,016.27 | $3,582.12 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $216.02 | $216.02 | $103.47 |
| Taxes, insurance & HOA | $305.08 | $305.08 | $305.08 |
| Total housing payment | $3,537.36 | $3,963.81 | $3,990.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,636
Closing costs & prepaids$14,085
Usable credit−$0
Total buyer cash needed$71,721
Earnest money paid−$0
Remaining funds due$71,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$415.25
Prepaid interest, first (2 days)$168.44
Prepaid interest, second (2 days)$26.14
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 8 moOf the original 30-year loan at 6.620%
Interest already paid$41,318Through Nov 2026
Assumption only · ends Jul 2055$622,721
Assumption + second · ends Jul 2055, second Dec 2056$723,243
New conventional · ends Dec 2056$784,617