Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,948/mo
Lowest payment- Down payment
- $172,804
- Funds due
- $186,961
- Interest + MI left
- $699,063
- First ends
- Oct 2055
Assumption
Assumption + second
$4,696/mo
+$748/mo- Down payment
- $70,804
- Funds due
- $86,256
- Interest + MI left
- $866,501
- First ends
- Oct 2055
New loan
New conventional
$4,812/mo
+$864/mo- Down payment
- $70,804
- Funds due
- $82,521
- Interest + MI left
- $953,334
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,696 | $526,696 | $628,696 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,370.00 | $3,370.00 | $4,352.96 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $244.37 | $244.37 | $125.74 |
| Taxes, insurance & HOA | $333.33 | $333.33 | $333.33 |
| Total housing payment | $3,947.70 | $4,696.14 | $4,812.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,804
Closing costs & prepaids$15,452
Usable credit−$0
Total buyer cash needed$86,256
Earnest money paid−$0
Remaining funds due$86,256
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,995.00
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)$500.00
Prepaid interest, first (2 days)$187.59
Prepaid interest, second (2 days)$44.71
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 11 moOf the original 30-year loan at 6.500%
Interest already paid$37,336Through Nov 2026
Assumption only · ends Oct 2055$699,063
Assumption + second · ends Oct 2055, second Dec 2056$866,501
New conventional · ends Dec 2056$953,334