Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,699/mo
Lowest payment- Down payment
- $85,455
- Funds due
- $98,974
- Interest + MI left
- $637,797
- First ends
- Aug 2055
Assumption
Assumption + second
$3,941/mo
+$241/mo- Down payment
- $55,455
- Funds due
- $70,291
- Interest + MI left
- $694,696
- First ends
- Aug 2055
New loan
New conventional
$3,872/mo
+$173/mo- Down payment
- $55,455
- Funds due
- $66,721
- Interest + MI left
- $723,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,545 | $464,545 | $494,545 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,060.02 | $3,060.02 | $3,350.22 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $216.02 | $216.02 | $98.91 |
| Taxes, insurance & HOA | $423.34 | $423.34 | $423.34 |
| Total housing payment | $3,699.37 | $3,940.75 | $3,872.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,455
Closing costs & prepaids$14,836
Usable credit−$0
Total buyer cash needed$70,291
Earnest money paid−$0
Remaining funds due$70,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$110.01
Prepaid interest, first (9 days)$774.33
Prepaid interest, second (9 days)$66.58
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 8 moOf the original 30-year loan at 6.76%
Interest already paid$42,199Through Dec 2026
Assumption only · ends Aug 2055$637,797
Assumption + second · ends Aug 2055, second Jan 2057$694,696
New conventional · ends Jan 2057$723,107