Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,781/mo
Lowest payment- Down payment
- $91,308
- Funds due
- $104,845
- Interest + MI left
- $622,543
- First ends
- Feb 2055
Assumption
Assumption + second
$4,047/mo
+$266/mo- Down payment
- $58,308
- Funds due
- $73,144
- Interest + MI left
- $685,132
- First ends
- Feb 2055
New loan
New conventional
$4,035/mo
+$254/mo- Down payment
- $58,308
- Funds due
- $69,555
- Interest + MI left
- $755,489
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,692 | $483,692 | $516,692 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,123.04 | $3,123.04 | $3,500.25 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $226.46 | $226.46 | $103.34 |
| Taxes, insurance & HOA | $431.67 | $431.67 | $431.67 |
| Total housing payment | $3,781.16 | $4,046.69 | $4,035.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,308
Closing costs & prepaids$14,836
Usable credit−$0
Total buyer cash needed$73,144
Earnest money paid−$0
Remaining funds due$73,144
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$516.82
Prepaid interest, second (6 days)$48.82
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 2 moOf the original 30-year loan at 6.5%
Interest already paid$58,300Through Dec 2026
Assumption only · ends Feb 2055$622,543
Assumption + second · ends Feb 2055, second Jan 2057$685,132
New conventional · ends Jan 2057$755,489