Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,246/mo
Lowest payment- Down payment
- $76,598
- Funds due
- $88,959
- Interest + MI left
- $556,880
- First ends
- Jun 2055
Assumption
Assumption + second
$3,472/mo
+$225/mo- Down payment
- $48,598
- Funds due
- $62,250
- Interest + MI left
- $609,986
- First ends
- Jun 2055
New loan
New conventional
$3,404/mo
+$158/mo- Down payment
- $48,598
- Funds due
- $58,734
- Interest + MI left
- $638,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,402 | $408,402 | $436,402 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,695.35 | $2,695.35 | $2,956.34 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $190.27 | $190.27 | $87.28 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $3,246.29 | $3,471.58 | $3,404.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,598
Closing costs & prepaids$13,652
Usable credit−$0
Total buyer cash needed$62,250
Earnest money paid−$0
Remaining funds due$62,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Prepaid interest, first (6 days)$453.83
Prepaid interest, second (6 days)$41.42
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 6 moOf the original 30-year loan at 6.76%
Interest already paid$41,778Through Dec 2026
Assumption only · ends Jun 2055$556,880
Assumption + second · ends Jun 2055, second Jan 2057$609,986
New conventional · ends Jan 2057$638,092