Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,302/mo
Lowest payment- Down payment
- $82,782
- Funds due
- $95,372
- Interest + MI left
- $562,696
- First ends
- Aug 2055
Assumption
Assumption + second
$3,575/mo
+$274/mo- Down payment
- $48,782
- Funds due
- $62,672
- Interest + MI left
- $627,181
- First ends
- Aug 2055
New loan
New conventional
$3,486/mo
+$184/mo- Down payment
- $48,782
- Funds due
- $59,146
- Interest + MI left
- $640,747
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,218 | $404,218 | $438,218 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,686.56 | $2,686.56 | $2,968.64 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $185.27 | $185.27 | $87.64 |
| Taxes, insurance & HOA | $429.83 | $429.83 | $429.83 |
| Total housing payment | $3,301.66 | $3,575.23 | $3,486.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,782
Closing costs & prepaids$13,890
Usable credit−$0
Total buyer cash needed$62,672
Earnest money paid−$0
Remaining funds due$62,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,870.00
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)$584.50
Initial HOA (3 months)$204.99
Prepaid interest, first (6 days)$455.16
Prepaid interest, second (6 days)$50.30
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 8 moOf the original 30-year loan at 6.85%
Interest already paid$37,203Through Dec 2026
Assumption only · ends Aug 2055$562,696
Assumption + second · ends Aug 2055, second Jan 2057$627,181
New conventional · ends Jan 2057$640,747