Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,720/mo
Lowest payment- Down payment
- $88,610
- Funds due
- $101,872
- Interest + MI left
- $605,852
- First ends
- Jul 2055
Assumption
Assumption + second
$4,002/mo
+$282/mo- Down payment
- $53,610
- Funds due
- $68,140
- Interest + MI left
- $672,234
- First ends
- Jul 2055
New loan
New conventional
$4,001/mo
+$281/mo- Down payment
- $53,610
- Funds due
- $64,566
- Interest + MI left
- $722,212
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,278 | $441,278 | $476,278 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,906.75 | $2,906.75 | $3,297.65 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $205.20 | $205.20 | $95.26 |
| Taxes, insurance & HOA | $608.25 | $608.25 | $608.25 |
| Total housing payment | $3,720.20 | $4,001.81 | $4,001.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,610
Closing costs & prepaids$14,529
Usable credit−$0
Total buyer cash needed$68,140
Earnest money paid−$0
Remaining funds due$68,140
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,298.88
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)$1,324.75
Prepaid interest, first (2 days)$163.45
Prepaid interest, second (2 days)$17.26
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 6.760%
Interest already paid$40,086Through Nov 2026
Assumption only · ends Jul 2055$605,852
Assumption + second · ends Jul 2055, second Dec 2056$672,234
New conventional · ends Dec 2056$722,212