Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,606/mo
Lowest payment- Down payment
- $144,377
- Funds due
- $156,361
- Interest + MI left
- $436,759
- First ends
- May 2055
Assumption
Assumption + second
$3,394/mo
+$789/mo- Down payment
- $46,377
- Funds due
- $59,756
- Interest + MI left
- $622,630
- First ends
- May 2055
New loan
New conventional
$3,235/mo
+$630/mo- Down payment
- $46,377
- Funds due
- $56,228
- Interest + MI left
- $604,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,623 | $315,623 | $413,623 |
| Second mortgage | — | $98,000 | — |
| First P&I | $2,107.83 | $2,107.83 | $2,802.03 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | $147.14 | $147.14 | $82.72 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $2,605.64 | $3,394.17 | $3,235.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,377
Closing costs & prepaids$13,378
Usable credit−$0
Total buyer cash needed$59,756
Earnest money paid−$0
Remaining funds due$59,756
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Prepaid interest, first (6 days)$356.44
Prepaid interest, second (6 days)$144.99
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 6.87%
Interest already paid$34,646Through Dec 2026
Assumption only · ends May 2055$436,759
Assumption + second · ends May 2055, second Jan 2057$622,630
New conventional · ends Jan 2057$604,785