Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,241/mo
Lowest payment- Down payment
- $74,926
- Funds due
- $87,177
- Interest + MI left
- $556,891
- First ends
- Mar 2055
Assumption
Assumption + second
$3,458/mo
+$217/mo- Down payment
- $47,926
- Funds due
- $61,467
- Interest + MI left
- $608,101
- First ends
- Mar 2055
New loan
New conventional
$3,335/mo
+$94/mo- Down payment
- $47,926
- Funds due
- $57,945
- Interest + MI left
- $624,307
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,974 | $399,974 | $426,974 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,697.33 | $2,697.33 | $2,892.47 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $186.76 | $186.76 | $85.39 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,240.75 | $3,458.00 | $3,334.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,926
Closing costs & prepaids$13,541
Usable credit−$0
Total buyer cash needed$61,467
Earnest money paid−$0
Remaining funds due$61,467
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,749.00
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)$570.00
Prepaid interest, first (6 days)$456.96
Prepaid interest, second (6 days)$39.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3 moOf the original 30-year loan at 6.95%
Interest already paid$49,134Through Dec 2026
Assumption only · ends Mar 2055$556,891
Assumption + second · ends Mar 2055, second Jan 2057$608,101
New conventional · ends Jan 2057$624,307