Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,621/mo
Lowest payment- Down payment
- $129,380
- Funds due
- $142,949
- Interest + MI left
- $554,237
- First ends
- Jan 2055
Assumption
Assumption + second
$4,208/mo
+$587/mo- Down payment
- $56,380
- Funds due
- $71,217
- Interest + MI left
- $692,692
- First ends
- Jan 2055
New loan
New conventional
$4,227/mo
+$606/mo- Down payment
- $56,380
- Funds due
- $67,611
- Interest + MI left
- $763,774
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,620 | $430,620 | $503,620 |
| Second mortgage | — | $73,000 | — |
| First P&I | $2,780.37 | $2,780.37 | $3,486.96 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $201.61 | $201.61 | $100.72 |
| Taxes, insurance & HOA | $639.08 | $639.08 | $639.08 |
| Total housing payment | $3,621.07 | $4,208.44 | $4,226.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,380
Closing costs & prepaids$14,837
Usable credit−$0
Total buyer cash needed$71,217
Earnest money paid−$0
Remaining funds due$71,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$1,417.25
Prepaid interest, first (1 days)$76.69
Prepaid interest, second (1 days)$18.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.500%
Interest already paid$51,904Through Nov 2026
Assumption only · ends Jan 2055$554,237
Assumption + second · ends Jan 2055, second Dec 2056$692,692
New conventional · ends Dec 2056$763,774