Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,197/mo
Lowest payment- Down payment
- $245,759
- Funds due
- $260,046
- Interest + MI left
- $523,377
- First ends
- Feb 2055
Assumption
Assumption + second
$4,526/mo
+$1,328/mo- Down payment
- $64,759
- Funds due
- $80,653
- Interest + MI left
- $820,498
- First ends
- Feb 2055
New loan
New conventional
$4,431/mo
+$1,233/mo- Down payment
- $64,759
- Funds due
- $76,966
- Interest + MI left
- $840,366
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,741 | $393,741 | $574,741 |
| Second mortgage | — | $181,000 | — |
| First P&I | $2,590.78 | $2,590.78 | $3,893.50 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $184.21 | $184.21 | $114.95 |
| Taxes, insurance & HOA | $422.50 | $422.50 | $422.50 |
| Total housing payment | $3,197.49 | $4,525.61 | $4,430.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,759
Closing costs & prepaids$15,894
Usable credit−$0
Total buyer cash needed$80,653
Earnest money paid−$0
Remaining funds due$80,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,395.00
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)$767.50
Prepaid interest, first (9 days)$649.51
Prepaid interest, second (9 days)$357.04
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 2 moOf the original 30-year loan at 6.69%
Interest already paid$48,826Through Dec 2026
Assumption only · ends Feb 2055$523,377
Assumption + second · ends Feb 2055, second Jan 2057$820,498
New conventional · ends Jan 2057$840,366