Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,053/mo
Lowest payment- Down payment
- $104,454
- Funds due
- $118,838
- Interest + MI left
- $707,174
- First ends
- Nov 2055
Assumption
Assumption + second
$4,382/mo
+$330/mo- Down payment
- $63,454
- Funds due
- $79,179
- Interest + MI left
- $784,936
- First ends
- Nov 2055
New loan
New conventional
$4,370/mo
+$317/mo- Down payment
- $63,454
- Funds due
- $75,553
- Interest + MI left
- $828,384
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $525,546 | $525,546 | $566,546 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,390.05 | $3,390.05 | $3,837.98 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $243.79 | $243.79 | $113.31 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $4,052.50 | $4,382.40 | $4,369.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,454
Closing costs & prepaids$15,725
Usable credit−$0
Total buyer cash needed$79,179
Earnest money paid−$0
Remaining funds due$79,179
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$756.00
Prepaid interest, first (9 days)$852.68
Prepaid interest, second (9 days)$90.99
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 11 moOf the original 30-year loan at 6.58%
Interest already paid$37,709Through Dec 2026
Assumption only · ends Nov 2055$707,174
Assumption + second · ends Nov 2055, second Jan 2057$784,936
New conventional · ends Jan 2057$828,384