Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,763/mo
Lowest payment- Down payment
- $53,368
- Funds due
- $66,680
- Interest + MI left
- $657,488
- First ends
- Oct 2055
Assumption
Assumption + second
$4,028/mo
+$265/mo- Down payment
- $27,368
- Funds due
- $42,006
- Interest + MI left
- $726,866
- First ends
- Oct 2055
New loan
New conventional
$3,954/mo
+$191/mo- Down payment
- $27,368
- Funds due
- $38,719
- Interest + MI left
- $751,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,132 | $486,132 | $512,132 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,154.72 | $3,154.72 | $3,469.36 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $225.70 | $225.70 | $102.43 |
| Taxes, insurance & HOA | $382.50 | $382.50 | $382.50 |
| Total housing payment | $3,762.92 | $4,027.86 | $3,954.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,368
Closing costs & prepaids$14,638
Usable credit−$0
Total buyer cash needed$42,006
Earnest money paid−$0
Remaining funds due$42,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,395.00
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)$647.50
Prepaid interest, first (9 days)$794.73
Prepaid interest, second (9 days)$76.13
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 10 moOf the original 30-year loan at 6.63%
Interest already paid$37,866Through Dec 2026
Assumption only · ends Oct 2055$657,488
Assumption + second · ends Oct 2055, second Jan 2057$726,866
New conventional · ends Jan 2057$751,587