Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,207/mo
Lowest payment- Down payment
- $119,835
- Funds due
- $134,187
- Interest + MI left
- $731,236
- First ends
- May 2055
Assumption
Assumption + second
$4,642/mo
+$434/mo- Down payment
- $65,835
- Funds due
- $81,516
- Interest + MI left
- $833,655
- First ends
- May 2055
New loan
New conventional
$4,501/mo
+$293/mo- Down payment
- $65,835
- Funds due
- $77,821
- Interest + MI left
- $854,146
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $530,165 | $530,165 | $584,165 |
| Second mortgage | — | $54,000 | — |
| First P&I | $3,533.65 | $3,533.65 | $3,957.34 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $247.17 | $247.17 | $116.83 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $4,207.48 | $4,641.98 | $4,500.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,835
Closing costs & prepaids$15,682
Usable credit−$0
Total buyer cash needed$81,516
Earnest money paid−$0
Remaining funds due$81,516
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)$596.98
Prepaid interest, second (6 days)$79.89
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 5 moOf the original 30-year loan at 6.85%
Interest already paid$58,030Through Dec 2026
Assumption only · ends May 2055$731,236
Assumption + second · ends May 2055, second Jan 2057$833,655
New conventional · ends Jan 2057$854,146