Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,891/mo
Lowest payment- Down payment
- $118,502
- Funds due
- $132,725
- Interest + MI left
- $643,238
- First ends
- Jan 2055
Assumption
Assumption + second
$4,342/mo
+$451/mo- Down payment
- $62,502
- Funds due
- $78,099
- Interest + MI left
- $749,450
- First ends
- Jan 2055
New loan
New conventional
$4,303/mo
+$412/mo- Down payment
- $62,502
- Funds due
- $74,483
- Interest + MI left
- $815,153
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $501,497 | $501,497 | $557,497 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,241.37 | $3,241.37 | $3,776.68 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $235.04 | $235.04 | $111.50 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $3,891.08 | $4,341.67 | $4,302.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,502
Closing costs & prepaids$15,597
Usable credit−$0
Total buyer cash needed$78,099
Earnest money paid−$0
Remaining funds due$78,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,199.99
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)$744.00
Prepaid interest, first (9 days)$803.77
Prepaid interest, second (9 days)$124.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.5%
Interest already paid$63,229Through Dec 2026
Assumption only · ends Jan 2055$643,238
Assumption + second · ends Jan 2055, second Jan 2057$749,450
New conventional · ends Jan 2057$815,153