Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,515/mo
Lowest payment- Down payment
- $130,583
- Funds due
- $144,338
- Interest + MI left
- $605,040
- First ends
- Dec 2055
Assumption
Assumption + second
$4,095/mo
+$579/mo- Down payment
- $58,583
- Funds due
- $73,747
- Interest + MI left
- $741,598
- First ends
- Dec 2055
New loan
New conventional
$4,071/mo
+$556/mo- Down payment
- $58,583
- Funds due
- $70,155
- Interest + MI left
- $769,563
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $454,317 | $454,317 | $526,317 |
| Second mortgage | — | $72,000 | — |
| First P&I | $2,904.05 | $2,904.05 | $3,565.45 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $210.58 | $210.58 | $105.26 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $3,515.30 | $4,094.63 | $4,071.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,583
Closing costs & prepaids$15,164
Usable credit−$0
Total buyer cash needed$73,747
Earnest money paid−$0
Remaining funds due$73,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,849.00
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)$702.00
Prepaid interest, first (9 days)$728.15
Prepaid interest, second (9 days)$159.78
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 closing29 yrOf the original 30-year loan at 6.5%
Interest already paid$29,713Through Dec 2026
Assumption only · ends Dec 2055$605,040
Assumption + second · ends Dec 2055, second Jan 2057$741,598
New conventional · ends Jan 2057$769,563