Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,084/mo
Lowest payment- Down payment
- $69,998
- Funds due
- $84,054
- Interest + MI left
- $703,756
- First ends
- Aug 2055
Assumption
Assumption + second
$4,502/mo
+$418/mo- Down payment
- $28,998
- Funds due
- $44,424
- Interest + MI left
- $813,160
- First ends
- Aug 2055
New loan
New conventional
$4,301/mo
+$217/mo- Down payment
- $28,998
- Funds due
- $41,078
- Interest + MI left
- $801,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $505,002 | $505,002 | $546,002 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,356.40 | $3,356.40 | $3,698.81 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $234.77 | $234.77 | $109.20 |
| Taxes, insurance & HOA | $492.67 | $492.67 | $492.67 |
| Total housing payment | $4,083.84 | $4,501.63 | $4,300.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,998
Closing costs & prepaids$15,426
Usable credit−$0
Total buyer cash needed$44,424
Earnest money paid−$0
Remaining funds due$44,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$288.00
Prepaid interest, first (9 days)$852.97
Prepaid interest, second (9 days)$120.05
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 6.85%
Interest already paid$46,479Through Dec 2026
Assumption only · ends Aug 2055$703,756
Assumption + second · ends Aug 2055, second Jan 2057$813,160
New conventional · ends Jan 2057$801,294