Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,425/mo
Lowest payment- Down payment
- $50,872
- Funds due
- $63,261
- Interest + MI left
- $593,996
- First ends
- Jul 2055
Assumption
Assumption + second
$3,690/mo
+$265/mo- Down payment
- $24,872
- Funds due
- $38,562
- Interest + MI left
- $663,375
- First ends
- Jul 2055
New loan
New conventional
$3,570/mo
+$145/mo- Down payment
- $24,872
- Funds due
- $35,273
- Interest + MI left
- $675,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,128 | $434,128 | $460,128 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,862.39 | $2,862.39 | $3,117.07 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $202.06 | $202.06 | $92.03 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $3,425.12 | $3,690.06 | $3,569.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,872
Closing costs & prepaids$13,690
Usable credit−$0
Total buyer cash needed$38,562
Earnest money paid−$0
Remaining funds due$38,562
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)$482.42
Prepaid interest, second (6 days)$50.75
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 7 moOf the original 30-year loan at 6.76%
Interest already paid$41,922Through Dec 2026
Assumption only · ends Jul 2055$593,996
Assumption + second · ends Jul 2055, second Jan 2057$663,375
New conventional · ends Jan 2057$675,176