Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,337/mo
Lowest payment- Down payment
- $76,408
- Funds due
- $89,357
- Interest + MI left
- $566,605
- First ends
- Dec 2055
Assumption
Assumption + second
$3,846/mo
+$510/mo- Down payment
- $26,408
- Funds due
- $40,754
- Interest + MI left
- $700,025
- First ends
- Dec 2055
New loan
New conventional
$3,795/mo
+$458/mo- Down payment
- $26,408
- Funds due
- $37,478
- Interest + MI left
- $719,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,591 | $440,591 | $490,591 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,759.17 | $2,759.17 | $3,323.43 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | $204.31 | $204.31 | $98.12 |
| Taxes, insurance & HOA | $373.50 | $373.50 | $373.50 |
| Total housing payment | $3,336.98 | $3,846.48 | $3,795.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,408
Closing costs & prepaids$14,346
Usable credit−$0
Total buyer cash needed$40,754
Earnest money paid−$0
Remaining funds due$40,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,169.99
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)$620.50
Prepaid interest, first (9 days)$684.43
Prepaid interest, second (9 days)$146.40
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 closing29 yrOf the original 30-year loan at 6.3%
Interest already paid$27,936Through Dec 2026
Assumption only · ends Dec 2055$566,605
Assumption + second · ends Dec 2055, second Jan 2057$700,025
New conventional · ends Jan 2057$719,876