Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,331/mo
Lowest payment- Down payment
- $106,734
- Funds due
- $119,881
- Interest + MI left
- $557,234
- First ends
- Jun 2055
Assumption
Assumption + second
$3,766/mo
+$434/mo- Down payment
- $52,734
- Funds due
- $67,251
- Interest + MI left
- $659,653
- First ends
- Jun 2055
New loan
New conventional
$3,700/mo
+$368/mo- Down payment
- $52,734
- Funds due
- $63,704
- Interest + MI left
- $687,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,266 | $416,266 | $470,266 |
| Second mortgage | — | $54,000 | — |
| First P&I | $2,717.31 | $2,717.31 | $3,185.75 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $194.00 | $194.00 | $94.05 |
| Taxes, insurance & HOA | $419.83 | $419.83 | $419.83 |
| Total housing payment | $3,331.15 | $3,765.64 | $3,699.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,734
Closing costs & prepaids$14,517
Usable credit−$0
Total buyer cash needed$67,251
Earnest money paid−$0
Remaining funds due$67,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,230.00
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)$627.50
Initial HOA (3 months)$132.00
Prepaid interest, first (9 days)$682.56
Prepaid interest, second (9 days)$119.84
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 6.65%
Interest already paid$41,898Through Dec 2026
Assumption only · ends Jun 2055$557,234
Assumption + second · ends Jun 2055, second Jan 2057$659,653
New conventional · ends Jan 2057$687,607