Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,708/mo
Lowest payment- Down payment
- $83,331
- Funds due
- $96,598
- Interest + MI left
- $642,496
- First ends
- Sep 2055
Assumption
Assumption + second
$3,926/mo
+$217/mo- Down payment
- $56,331
- Funds due
- $70,888
- Interest + MI left
- $693,705
- First ends
- Sep 2055
New loan
New conventional
$3,903/mo
+$195/mo- Down payment
- $56,331
- Funds due
- $67,309
- Interest + MI left
- $736,447
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476,669 | $476,669 | $503,669 |
| Second mortgage | — | $27,000 | — |
| First P&I | $3,096.30 | $3,096.30 | $3,412.03 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $221.52 | $221.52 | $100.73 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $3,708.48 | $3,925.73 | $3,903.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,331
Closing costs & prepaids$14,556
Usable credit−$0
Total buyer cash needed$70,888
Earnest money paid−$0
Remaining funds due$70,888
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Prepaid interest, first (6 days)$519.50
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 9 moOf the original 30-year loan at 6.63%
Interest already paid$39,801Through Dec 2026
Assumption only · ends Sep 2055$642,496
Assumption + second · ends Sep 2055, second Jan 2057$693,705
New conventional · ends Jan 2057$736,447