Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,360/mo
Lowest payment- Down payment
- $61,140
- Funds due
- $75,231
- Interest + MI left
- $754,810
- First ends
- Jun 2055
Assumption
Assumption + second
$4,656/mo
+$296/mo- Down payment
- $32,140
- Funds due
- $47,538
- Interest + MI left
- $832,194
- First ends
- Jun 2055
New loan
New conventional
$4,551/mo
+$191/mo- Down payment
- $32,140
- Funds due
- $44,193
- Interest + MI left
- $869,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,860 | $563,860 | $592,860 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,680.78 | $3,680.78 | $4,016.24 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $262.79 | $262.79 | $118.57 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $4,360.23 | $4,655.74 | $4,551.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,140
Closing costs & prepaids$15,398
Usable credit−$0
Total buyer cash needed$47,538
Earnest money paid−$0
Remaining funds due$47,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Prepaid interest, first (6 days)$616.38
Prepaid interest, second (6 days)$56.61
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 6 moOf the original 30-year loan at 6.65%
Interest already paid$56,753Through Dec 2026
Assumption only · ends Jun 2055$754,810
Assumption + second · ends Jun 2055, second Jan 2057$832,194
New conventional · ends Jan 2057$869,942