Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,517/mo
Lowest payment- Down payment
- $113,539
- Funds due
- $126,669
- Interest + MI left
- $601,779
- First ends
- Mar 2055
Assumption
Assumption + second
$3,983/mo
+$467/mo- Down payment
- $55,539
- Funds due
- $70,005
- Interest + MI left
- $711,784
- First ends
- Mar 2055
New loan
New conventional
$3,835/mo
+$319/mo- Down payment
- $55,539
- Funds due
- $66,402
- Interest + MI left
- $722,984
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,461 | $436,461 | $494,461 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,926.15 | $2,926.15 | $3,349.65 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $203.84 | $203.84 | $98.89 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $3,516.66 | $3,983.34 | $3,835.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,539
Closing costs & prepaids$14,465
Usable credit−$0
Total buyer cash needed$70,005
Earnest money paid−$0
Remaining funds due$70,005
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)$660.00
Prepaid interest, first (6 days)$494.34
Prepaid interest, second (6 days)$85.81
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 6.89%
Interest already paid$53,160Through Dec 2026
Assumption only · ends Mar 2055$601,779
Assumption + second · ends Mar 2055, second Jan 2057$711,784
New conventional · ends Jan 2057$722,984