Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,665/mo
Lowest payment- Down payment
- $59,062
- Funds due
- $73,497
- Interest + MI left
- $779,134
- First ends
- Jul 2055
Assumption
Assumption + second
$4,950/mo
+$285/mo- Down payment
- $31,062
- Funds due
- $46,765
- Interest + MI left
- $853,849
- First ends
- Jul 2055
New loan
New conventional
$4,879/mo
+$214/mo- Down payment
- $31,062
- Funds due
- $43,415
- Interest + MI left
- $896,344
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $560,938 | $560,938 | $588,938 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,720.79 | $3,720.79 | $4,077.69 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $260.79 | $260.79 | $117.79 |
| Taxes, insurance & HOA | $683.33 | $683.33 | $683.33 |
| Total housing payment | $4,664.91 | $4,950.23 | $4,878.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,062
Closing costs & prepaids$15,703
Usable credit−$0
Total buyer cash needed$46,765
Earnest money paid−$0
Remaining funds due$46,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$1,550.00
Prepaid interest, first (2 days)$209.93
Prepaid interest, second (2 days)$18.22
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 6.830%
Interest already paid$51,478Through Nov 2026
Assumption only · ends Jul 2055$779,134
Assumption + second · ends Jul 2055, second Dec 2056$853,849
New conventional · ends Dec 2056$896,344