Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,749/mo
Lowest payment- Down payment
- $62,839
- Funds due
- $77,818
- Interest + MI left
- $825,204
- First ends
- Dec 2055
Assumption
Assumption + second
$5,024/mo
+$275/mo- Down payment
- $35,839
- Funds due
- $52,121
- Interest + MI left
- $897,251
- First ends
- Dec 2055
New loan
New conventional
$5,079/mo
+$330/mo- Down payment
- $35,839
- Funds due
- $48,779
- Interest + MI left
- $974,565
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $637,160 | $637,160 | $664,160 |
| Second mortgage | — | $27,000 | — |
| First P&I | $4,006.63 | $4,006.63 | $4,499.25 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $295.44 | $295.44 | $132.83 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $4,748.74 | $5,023.87 | $5,078.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,839
Closing costs & prepaids$16,282
Usable credit−$0
Total buyer cash needed$52,121
Earnest money paid−$0
Remaining funds due$52,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.99
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)$840.00
Prepaid interest, first (6 days)$664.04
Prepaid interest, second (6 days)$52.71
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 closing29 yrOf the original 30-year loan at 6.34%
Interest already paid$40,653Through Dec 2026
Assumption only · ends Dec 2055$825,204
Assumption + second · ends Dec 2055, second Jan 2057$897,251
New conventional · ends Jan 2057$974,565