Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,910/mo
Lowest payment- Down payment
- $49,394
- Funds due
- $62,828
- Interest + MI left
- $606,049
- First ends
- Jul 2055
Assumption
Assumption + second
$4,165/mo
+$255/mo- Down payment
- $24,394
- Funds due
- $39,094
- Interest + MI left
- $672,759
- First ends
- Jul 2055
New loan
New conventional
$4,096/mo
+$186/mo- Down payment
- $24,394
- Funds due
- $35,807
- Interest + MI left
- $701,027
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,606 | $435,606 | $460,606 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,892.31 | $2,892.31 | $3,189.14 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $202.51 | $202.51 | $92.12 |
| Taxes, insurance & HOA | $815.17 | $815.17 | $815.17 |
| Total housing payment | $3,909.99 | $4,164.74 | $4,096.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,394
Closing costs & prepaids$14,700
Usable credit−$0
Total buyer cash needed$39,094
Earnest money paid−$0
Remaining funds due$39,094
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,543.50
Initial HOA (3 months)$402.00
Prepaid interest, first (2 days)$163.26
Prepaid interest, second (2 days)$16.27
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 6.840%
Interest already paid$40,034Through Nov 2026
Assumption only · ends Jul 2055$606,049
Assumption + second · ends Jul 2055, second Dec 2056$672,759
New conventional · ends Dec 2056$701,027