Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,854/mo
Lowest payment- Down payment
- $105,751
- Funds due
- $119,469
- Interest + MI left
- $645,773
- First ends
- Feb 2055
Assumption
Assumption + second
$4,216/mo
+$362/mo- Down payment
- $60,751
- Funds due
- $75,786
- Interest + MI left
- $731,122
- First ends
- Feb 2055
New loan
New conventional
$4,160/mo
+$306/mo- Down payment
- $60,751
- Funds due
- $72,163
- Interest + MI left
- $787,009
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $493,249 | $493,249 | $538,249 |
| Second mortgage | — | $45,000 | — |
| First P&I | $3,216.68 | $3,216.68 | $3,646.29 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $230.85 | $230.85 | $107.65 |
| Taxes, insurance & HOA | $406.25 | $406.25 | $406.25 |
| Total housing payment | $3,853.78 | $4,215.86 | $4,160.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,751
Closing costs & prepaids$15,035
Usable credit−$0
Total buyer cash needed$75,786
Earnest money paid−$0
Remaining funds due$75,786
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$718.75
Prepaid interest, first (6 days)$535.14
Prepaid interest, second (6 days)$66.58
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 2 moOf the original 30-year loan at 6.6%
Interest already paid$60,354Through Dec 2026
Assumption only · ends Feb 2055$645,773
Assumption + second · ends Feb 2055, second Jan 2057$731,122
New conventional · ends Jan 2057$787,009