Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,419/mo
Lowest payment- Down payment
- $52,919
- Funds due
- $65,272
- Interest + MI left
- $538,851
- First ends
- Aug 2055
Assumption
Assumption + second
$3,724/mo
+$306/mo- Down payment
- $22,919
- Funds due
- $36,541
- Interest + MI left
- $618,903
- First ends
- Aug 2055
New loan
New conventional
$3,687/mo
+$268/mo- Down payment
- $22,919
- Funds due
- $33,271
- Interest + MI left
- $649,918
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,081 | $397,081 | $427,081 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,589.71 | $2,589.71 | $2,957.02 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $184.51 | $184.51 | $85.42 |
| Taxes, insurance & HOA | $644.33 | $644.33 | $644.33 |
| Total housing payment | $3,418.55 | $3,724.26 | $3,686.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,919
Closing costs & prepaids$13,623
Usable credit−$0
Total buyer cash needed$36,541
Earnest money paid−$0
Remaining funds due$36,541
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,483.00
Prepaid interest, first (2 days)$145.13
Prepaid interest, second (2 days)$19.52
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 6.670%
Interest already paid$33,354Through Nov 2026
Assumption only · ends Aug 2055$538,851
Assumption + second · ends Aug 2055, second Dec 2056$618,903
New conventional · ends Dec 2056$649,918