Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,369/mo
Lowest payment- Down payment
- $82,140
- Funds due
- $96,467
- Interest + MI left
- $754,810
- First ends
- Jun 2055
Assumption
Assumption + second
$4,868/mo
+$499/mo- Down payment
- $33,140
- Funds due
- $48,812
- Interest + MI left
- $885,562
- First ends
- Jun 2055
New loan
New conventional
$4,699/mo
+$331/mo- Down payment
- $33,140
- Funds due
- $45,442
- Interest + MI left
- $899,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,860 | $563,860 | $612,860 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,680.78 | $3,680.78 | $4,151.73 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | $262.79 | $262.79 | $122.57 |
| Taxes, insurance & HOA | $425.08 | $425.08 | $425.08 |
| Total housing payment | $4,368.65 | $4,867.96 | $4,699.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,140
Closing costs & prepaids$15,672
Usable credit−$0
Total buyer cash needed$48,812
Earnest money paid−$0
Remaining funds due$48,812
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,460.00
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)$775.25
Prepaid interest, first (6 days)$616.38
Prepaid interest, second (6 days)$95.65
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 6.65%
Interest already paid$56,753Through Dec 2026
Assumption only · ends Jun 2055$754,810
Assumption + second · ends Jun 2055, second Jan 2057$885,562
New conventional · ends Jan 2057$899,290