Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,144/mo
Lowest payment- Down payment
- $89,422
- Funds due
- $103,357
- Interest + MI left
- $712,043
- First ends
- Mar 2055
Assumption
Assumption + second
$4,377/mo
+$233/mo- Down payment
- $60,422
- Funds due
- $75,650
- Interest + MI left
- $767,046
- First ends
- Mar 2055
New loan
New conventional
$4,222/mo
+$78/mo- Down payment
- $60,422
- Funds due
- $72,006
- Interest + MI left
- $788,952
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $510,578 | $510,578 | $539,578 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,446.58 | $3,446.58 | $3,655.29 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $238.40 | $238.40 | $107.92 |
| Taxes, insurance & HOA | $458.67 | $458.67 | $458.67 |
| Total housing payment | $4,143.65 | $4,376.99 | $4,221.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,422
Closing costs & prepaids$15,228
Usable credit−$0
Total buyer cash needed$75,650
Earnest money paid−$0
Remaining funds due$75,650
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Initial HOA (3 months)$156.00
Prepaid interest, first (6 days)$584.16
Prepaid interest, second (6 days)$42.90
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 3 moOf the original 30-year loan at 6.96%
Interest already paid$62,811Through Dec 2026
Assumption only · ends Mar 2055$712,043
Assumption + second · ends Mar 2055, second Jan 2057$767,046
New conventional · ends Jan 2057$788,952