Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,437/mo
Lowest payment- Down payment
- $85,333
- Funds due
- $98,626
- Interest + MI left
- $558,877
- First ends
- Sep 2055
Assumption
Assumption + second
$3,727/mo
+$290/mo- Down payment
- $49,333
- Funds due
- $63,956
- Interest + MI left
- $627,156
- First ends
- Sep 2055
New loan
New conventional
$3,636/mo
+$199/mo- Down payment
- $49,333
- Funds due
- $60,429
- Interest + MI left
- $636,930
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,667 | $399,667 | $435,667 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,653.84 | $2,653.84 | $2,951.36 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $185.63 | $185.63 | $87.13 |
| Taxes, insurance & HOA | $597.67 | $597.67 | $597.67 |
| Total housing payment | $3,437.13 | $3,726.80 | $3,636.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,333
Closing costs & prepaids$14,623
Usable credit−$0
Total buyer cash needed$63,956
Earnest money paid−$0
Remaining funds due$63,956
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$582.00
Initial HOA (3 months)$711.00
Prepaid interest, first (9 days)$675.05
Prepaid interest, second (9 days)$79.89
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 6.85%
Interest already paid$34,469Through Dec 2026
Assumption only · ends Sep 2055$558,877
Assumption + second · ends Sep 2055, second Jan 2057$627,156
New conventional · ends Jan 2057$636,930