Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,924/mo
Lowest payment- Down payment
- $175,891
- Funds due
- $190,362
- Interest + MI left
- $629,510
- First ends
- Apr 2055
Assumption
Assumption + second
$4,753/mo
+$829/mo- Down payment
- $62,891
- Funds due
- $78,662
- Interest + MI left
- $815,006
- First ends
- Apr 2055
New loan
New conventional
$4,696/mo
+$772/mo- Down payment
- $62,891
- Funds due
- $74,990
- Interest + MI left
- $852,324
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,009 | $449,009 | $562,009 |
| Second mortgage | — | $113,000 | — |
| First P&I | $3,022.30 | $3,022.30 | $3,891.24 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $209.26 | $209.26 | $112.40 |
| Taxes, insurance & HOA | $692.09 | $692.09 | $692.09 |
| Total housing payment | $3,923.65 | $4,752.81 | $4,695.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,891
Closing costs & prepaids$15,771
Usable credit−$0
Total buyer cash needed$78,662
Earnest money paid−$0
Remaining funds due$78,662
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$1,451.25
Initial HOA (3 months)$125.01
Prepaid interest, first (2 days)$170.99
Prepaid interest, second (2 days)$49.53
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 5 moOf the original 30-year loan at 6.950%
Interest already paid$49,856Through Nov 2026
Assumption only · ends Apr 2055$629,510
Assumption + second · ends Apr 2055, second Dec 2056$815,006
New conventional · ends Dec 2056$852,324