Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,616/mo
Lowest payment- Down payment
- $93,405
- Funds due
- $106,743
- Interest + MI left
- $565,195
- First ends
- Aug 2055
Assumption
Assumption + second
$3,962/mo
+$346/mo- Down payment
- $50,405
- Funds due
- $65,014
- Interest + MI left
- $646,750
- First ends
- Aug 2055
New loan
New conventional
$3,932/mo
+$317/mo- Down payment
- $50,405
- Funds due
- $61,469
- Interest + MI left
- $678,718
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,595 | $404,595 | $447,595 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,686.56 | $2,686.56 | $3,099.06 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $185.44 | $185.44 | $89.52 |
| Taxes, insurance & HOA | $743.75 | $743.75 | $743.75 |
| Total housing payment | $3,615.75 | $3,961.74 | $3,932.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,405
Closing costs & prepaids$14,609
Usable credit−$0
Total buyer cash needed$65,014
Earnest money paid−$0
Remaining funds due$65,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,980.00
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)$1,526.25
Initial HOA (3 months)$204.99
Prepaid interest, first (2 days)$151.86
Prepaid interest, second (2 days)$21.21
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 6.850%
Interest already paid$34,894Through Nov 2026
Assumption only · ends Aug 2055$565,195
Assumption + second · ends Aug 2055, second Dec 2056$646,750
New conventional · ends Dec 2056$678,718