Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,943/mo
Lowest payment- Down payment
- $70,462
- Funds due
- $83,897
- Interest + MI left
- $609,796
- First ends
- Nov 2054
Assumption
Assumption + second
$4,371/mo
+$428/mo- Down payment
- $28,462
- Funds due
- $43,161
- Interest + MI left
- $721,869
- First ends
- Nov 2054
New loan
New conventional
$4,340/mo
+$397/mo- Down payment
- $28,462
- Funds due
- $39,833
- Interest + MI left
- $793,659
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $479,538 | $479,538 | $521,538 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,093.41 | $3,093.41 | $3,611.02 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $225.02 | $225.02 | $104.31 |
| Taxes, insurance & HOA | $625.00 | $625.00 | $625.00 |
| Total housing payment | $3,943.43 | $4,371.41 | $4,340.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,462
Closing costs & prepaids$14,699
Usable credit−$0
Total buyer cash needed$43,161
Earnest money paid−$0
Remaining funds due$43,161
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,375.00
Prepaid interest, first (1 days)$85.00
Prepaid interest, second (1 days)$13.66
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 yrOf the original 30-year loan at 6.470%
Interest already paid$62,837Through Nov 2026
Assumption only · ends Nov 2054$609,796
Assumption + second · ends Nov 2054, second Dec 2056$721,869
New conventional · ends Dec 2056$793,659