Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,976/mo
Lowest payment- Down payment
- $130,064
- Funds due
- $144,200
- Interest + MI left
- $641,622
- First ends
- Jun 2055
Assumption
Assumption + second
$4,539/mo
+$563/mo- Down payment
- $60,064
- Funds due
- $75,485
- Interest + MI left
- $774,387
- First ends
- Jun 2055
New loan
New conventional
$4,505/mo
+$529/mo- Down payment
- $60,064
- Funds due
- $71,844
- Interest + MI left
- $817,333
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,936 | $468,936 | $538,936 |
| Second mortgage | — | $70,000 | — |
| First P&I | $3,091.89 | $3,091.89 | $3,731.48 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $218.27 | $218.27 | $107.79 |
| Taxes, insurance & HOA | $665.83 | $665.83 | $665.83 |
| Total housing payment | $3,975.99 | $4,539.22 | $4,505.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,064
Closing costs & prepaids$15,421
Usable credit−$0
Total buyer cash needed$75,485
Earnest money paid−$0
Remaining funds due$75,485
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$1,497.50
Prepaid interest, first (2 days)$173.70
Prepaid interest, second (2 days)$34.52
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 7 moOf the original 30-year loan at 6.760%
Interest already paid$45,283Through Nov 2026
Assumption only · ends Jun 2055$641,622
Assumption + second · ends Jun 2055, second Dec 2056$774,387
New conventional · ends Dec 2056$817,333