Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,376/mo
Lowest payment- Down payment
- $187,981
- Funds due
- $201,935
- Interest + MI left
- $579,015
- First ends
- Jul 2055
Assumption
Assumption + second
$4,308/mo
+$932/mo- Down payment
- $60,981
- Funds due
- $76,435
- Interest + MI left
- $787,492
- First ends
- Jul 2055
New loan
New conventional
$4,202/mo
+$826/mo- Down payment
- $60,981
- Funds due
- $72,784
- Interest + MI left
- $795,300
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $416,919 | $416,919 | $543,919 |
| Second mortgage | — | $127,000 | — |
| First P&I | $2,773.58 | $2,773.58 | $3,684.70 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $194.00 | $194.00 | $108.78 |
| Taxes, insurance & HOA | $408.67 | $408.67 | $408.67 |
| Total housing payment | $3,376.25 | $4,308.13 | $4,202.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,981
Closing costs & prepaids$15,455
Usable credit−$0
Total buyer cash needed$76,435
Earnest money paid−$0
Remaining funds due$76,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,049.00
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)$726.00
Prepaid interest, first (9 days)$704.19
Prepaid interest, second (9 days)$250.52
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 7 moOf the original 30-year loan at 6.85%
Interest already paid$40,790Through Dec 2026
Assumption only · ends Jul 2055$579,015
Assumption + second · ends Jul 2055, second Jan 2057$787,492
New conventional · ends Jan 2057$795,300