Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,996/mo
Lowest payment- Down payment
- $145,436
- Funds due
- $159,749
- Interest + MI left
- $671,731
- First ends
- Jan 2055
Assumption
Assumption + second
$4,640/mo
+$644/mo- Down payment
- $65,436
- Funds due
- $81,117
- Interest + MI left
- $823,462
- First ends
- Jan 2055
New loan
New conventional
$4,504/mo
+$508/mo- Down payment
- $65,436
- Funds due
- $77,427
- Interest + MI left
- $854,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $504,564 | $504,564 | $584,564 |
| Second mortgage | — | $80,000 | — |
| First P&I | $3,333.19 | $3,333.19 | $3,960.04 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $236.27 | $236.27 | $116.91 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $3,996.12 | $4,639.82 | $4,503.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,436
Closing costs & prepaids$15,681
Usable credit−$0
Total buyer cash needed$81,117
Earnest money paid−$0
Remaining funds due$81,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Prepaid interest, first (6 days)$557.37
Prepaid interest, second (6 days)$118.36
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 1 moOf the original 30-year loan at 6.72%
Interest already paid$65,737Through Dec 2026
Assumption only · ends Jan 2055$671,731
Assumption + second · ends Jan 2055, second Jan 2057$823,462
New conventional · ends Jan 2057$854,729