Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,772/mo
Lowest payment- Down payment
- $101,307
- Funds due
- $115,112
- Interest + MI left
- $644,932
- First ends
- Jun 2055
Assumption
Assumption + second
$4,110/mo
+$338/mo- Down payment
- $59,307
- Funds due
- $74,455
- Interest + MI left
- $724,591
- First ends
- Jun 2055
New loan
New conventional
$4,059/mo
+$287/mo- Down payment
- $59,307
- Funds due
- $70,857
- Interest + MI left
- $766,937
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,593 | $482,593 | $524,593 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,147.13 | $3,147.13 | $3,553.78 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $224.92 | $224.92 | $104.92 |
| Taxes, insurance & HOA | $400.25 | $400.25 | $400.25 |
| Total housing payment | $3,772.30 | $4,110.24 | $4,058.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,307
Closing costs & prepaids$15,148
Usable credit−$0
Total buyer cash needed$74,455
Earnest money paid−$0
Remaining funds due$74,455
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,839.00
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)$700.75
Prepaid interest, first (9 days)$790.13
Prepaid interest, second (9 days)$93.21
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 6 moOf the original 30-year loan at 6.64%
Interest already paid$48,501Through Dec 2026
Assumption only · ends Jun 2055$644,932
Assumption + second · ends Jun 2055, second Jan 2057$724,591
New conventional · ends Jan 2057$766,937