Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,299/mo
Lowest payment- Down payment
- $108,761
- Funds due
- $121,339
- Interest + MI left
- $557,313
- First ends
- Jul 2055
Assumption
Assumption + second
$3,757/mo
+$459/mo- Down payment
- $51,761
- Funds due
- $65,617
- Interest + MI left
- $665,422
- First ends
- Jul 2055
New loan
New conventional
$3,715/mo
+$416/mo- Down payment
- $51,761
- Funds due
- $62,057
- Interest + MI left
- $694,859
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,239 | $401,239 | $458,239 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,661.47 | $2,661.47 | $3,172.75 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $186.54 | $186.54 | $91.65 |
| Taxes, insurance & HOA | $450.83 | $450.83 | $450.83 |
| Total housing payment | $3,298.85 | $3,757.48 | $3,715.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,761
Closing costs & prepaids$13,856
Usable credit−$0
Total buyer cash needed$65,617
Earnest money paid−$0
Remaining funds due$65,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$852.50
Prepaid interest, first (2 days)$150.16
Prepaid interest, second (2 days)$28.11
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 6.830%
Interest already paid$36,822Through Nov 2026
Assumption only · ends Jul 2055$557,313
Assumption + second · ends Jul 2055, second Dec 2056$665,422
New conventional · ends Dec 2056$694,859