Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,429/mo
Lowest payment- Down payment
- $74,237
- Funds due
- $87,146
- Interest + MI left
- $596,333
- First ends
- Sep 2055
Assumption
Assumption + second
$3,919/mo
+$489/mo- Down payment
- $26,237
- Funds due
- $40,537
- Interest + MI left
- $724,416
- First ends
- Sep 2055
New loan
New conventional
$3,745/mo
+$315/mo- Down payment
- $26,237
- Funds due
- $37,218
- Interest + MI left
- $709,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,763 | $435,763 | $483,763 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,856.26 | $2,856.26 | $3,277.18 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $202.46 | $202.46 | $96.75 |
| Taxes, insurance & HOA | $370.67 | $370.67 | $370.67 |
| Total housing payment | $3,429.39 | $3,918.51 | $3,744.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,237
Closing costs & prepaids$14,300
Usable credit−$0
Total buyer cash needed$40,537
Earnest money paid−$0
Remaining funds due$40,537
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$612.00
Prepaid interest, first (9 days)$722.05
Prepaid interest, second (9 days)$140.55
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 9 moOf the original 30-year loan at 6.72%
Interest already paid$36,875Through Dec 2026
Assumption only · ends Sep 2055$596,333
Assumption + second · ends Sep 2055, second Jan 2057$724,416
New conventional · ends Jan 2057$709,857