Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,168/mo
Lowest payment- Down payment
- $64,088
- Funds due
- $76,361
- Interest + MI left
- $810,117
- First ends
- Nov 2063
Assumption
Assumption + second
$3,576/mo
+$408/mo- Down payment
- $24,088
- Funds due
- $37,690
- Interest + MI left
- $916,854
- First ends
- Nov 2063
New loan
New conventional
$3,501/mo
+$333/mo- Down payment
- $24,088
- Funds due
- $34,374
- Interest + MI left
- $661,743
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,912 | $410,912 | $450,912 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,620.57 | $2,620.57 | $3,054.63 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $191.26 | $191.26 | $90.18 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,168.50 | $3,576.10 | $3,501.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,088
Closing costs & prepaids$13,602
Usable credit−$0
Total buyer cash needed$37,690
Earnest money paid−$0
Remaining funds due$37,690
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Prepaid interest, first (6 days)$478.91
Prepaid interest, second (6 days)$78.08
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 closing36 yr 11 moOf the original 40-year loan at 7.09%
Interest already paid$90,571Through Dec 2026
Assumption only · ends Nov 2063$810,117
Assumption + second · ends Nov 2063, second Jan 2057$916,854
New conventional · ends Jan 2057$661,743