Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,276/mo
Lowest payment- Down payment
- $51,445
- Funds due
- $63,688
- Interest + MI left
- $537,677
- First ends
- Jan 2055
Assumption
Assumption + second
$3,552/mo
+$275/mo- Down payment
- $24,445
- Funds due
- $37,991
- Interest + MI left
- $609,723
- First ends
- Jan 2055
New loan
New conventional
$3,499/mo
+$223/mo- Down payment
- $24,445
- Funds due
- $34,727
- Interest + MI left
- $661,129
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,555 | $423,555 | $450,555 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,721.22 | $2,721.22 | $3,052.22 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $198.56 | $198.56 | $90.11 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $3,276.45 | $3,551.58 | $3,498.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,445
Closing costs & prepaids$13,546
Usable credit−$0
Total buyer cash needed$37,991
Earnest money paid−$0
Remaining funds due$37,991
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)$448.39
Prepaid interest, second (6 days)$52.71
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 1 moOf the original 30-year loan at 6.44%
Interest already paid$52,916Through Dec 2026
Assumption only · ends Jan 2055$537,677
Assumption + second · ends Jan 2055, second Jan 2057$609,723
New conventional · ends Jan 2057$661,129