Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,653/mo
Lowest payment- Down payment
- $160,811
- Funds due
- $173,299
- Interest + MI left
- $437,847
- First ends
- Jun 2055
Assumption
Assumption + second
$3,468/mo
+$814/mo- Down payment
- $49,811
- Funds due
- $63,768
- Interest + MI left
- $620,059
- First ends
- Jun 2055
New loan
New conventional
$3,425/mo
+$772/mo- Down payment
- $49,811
- Funds due
- $60,242
- Interest + MI left
- $642,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,189 | $328,189 | $439,189 |
| Second mortgage | — | $111,000 | — |
| First P&I | $2,138.08 | $2,138.08 | $2,975.22 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $152.96 | $152.96 | $87.84 |
| Taxes, insurance & HOA | $362.25 | $362.25 | $362.25 |
| Total housing payment | $2,653.29 | $3,467.77 | $3,425.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,811
Closing costs & prepaids$13,957
Usable credit−$0
Total buyer cash needed$63,768
Earnest money paid−$0
Remaining funds due$63,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,890.00
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)$586.75
Prepaid interest, first (9 days)$536.52
Prepaid interest, second (9 days)$218.96
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 6.63%
Interest already paid$32,934Through Dec 2026
Assumption only · ends Jun 2055$437,847
Assumption + second · ends Jun 2055, second Jan 2057$620,059
New conventional · ends Jan 2057$642,079