Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,976/mo
Lowest payment- Down payment
- $56,917
- Funds due
- $70,333
- Interest + MI left
- $680,888
- First ends
- May 2055
Assumption
Assumption + second
$4,261/mo
+$285/mo- Down payment
- $28,917
- Funds due
- $43,638
- Interest + MI left
- $755,603
- First ends
- May 2055
New loan
New conventional
$4,168/mo
+$192/mo- Down payment
- $28,917
- Funds due
- $40,324
- Interest + MI left
- $793,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,983 | $512,983 | $540,983 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,341.94 | $3,341.94 | $3,664.81 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $239.34 | $239.34 | $108.20 |
| Taxes, insurance & HOA | $394.67 | $394.67 | $394.67 |
| Total housing payment | $3,975.94 | $4,261.27 | $4,167.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,917
Closing costs & prepaids$14,721
Usable credit−$0
Total buyer cash needed$43,638
Earnest money paid−$0
Remaining funds due$43,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$684.00
Prepaid interest, first (6 days)$558.24
Prepaid interest, second (6 days)$54.66
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 6.62%
Interest already paid$54,286Through Dec 2026
Assumption only · ends May 2055$680,888
Assumption + second · ends May 2055, second Jan 2057$755,603
New conventional · ends Jan 2057$793,928