Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,867/mo
Lowest payment- Down payment
- $85,904
- Funds due
- $101,035
- Interest + MI left
- $852,229
- First ends
- Mar 2055
Assumption
Assumption + second
$5,376/mo
+$510/mo- Down payment
- $35,904
- Funds due
- $52,399
- Interest + MI left
- $985,649
- First ends
- Mar 2055
New loan
New conventional
$5,078/mo
+$212/mo- Down payment
- $35,904
- Funds due
- $48,974
- Interest + MI left
- $974,457
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $614,086 | $614,086 | $664,086 |
| Second mortgage | — | $50,000 | — |
| First P&I | $4,133.16 | $4,133.16 | $4,498.75 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | $286.76 | $286.76 | $132.82 |
| Taxes, insurance & HOA | $446.67 | $446.67 | $446.67 |
| Total housing payment | $4,866.59 | $5,376.09 | $5,078.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,904
Closing costs & prepaids$16,495
Usable credit−$0
Total buyer cash needed$52,399
Earnest money paid−$0
Remaining funds due$52,399
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.90
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 (7 days)$816.15
Prepaid interest, second (7 days)$113.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.93%
Interest already paid$75,223Through Dec 2026
Assumption only · ends Mar 2055$852,229
Assumption + second · ends Mar 2055, second Jan 2057$985,649
New conventional · ends Jan 2057$974,457