Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,751/mo
Lowest payment- Down payment
- $142,980
- Funds due
- $156,318
- Interest + MI left
- $646,132
- First ends
- Jan 2055
Assumption
Assumption + second
$4,379/mo
+$628/mo- Down payment
- $64,980
- Funds due
- $79,587
- Interest + MI left
- $794,070
- First ends
- Jan 2055
New loan
New conventional
$4,407/mo
+$656/mo- Down payment
- $64,980
- Funds due
- $75,897
- Interest + MI left
- $879,638
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $502,019 | $502,019 | $580,019 |
| Second mortgage | — | $78,000 | — |
| First P&I | $3,241.37 | $3,241.37 | $4,015.93 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $235.04 | $235.04 | $116.00 |
| Taxes, insurance & HOA | $274.58 | $274.58 | $274.58 |
| Total housing payment | $3,751.00 | $4,378.60 | $4,406.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,980
Closing costs & prepaids$14,607
Usable credit−$0
Total buyer cash needed$79,587
Earnest money paid−$0
Remaining funds due$79,587
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,449.99
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)$323.75
Prepaid interest, first (1 days)$89.40
Prepaid interest, second (1 days)$19.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2 moOf the original 30-year loan at 6.500%
Interest already paid$60,509Through Nov 2026
Assumption only · ends Jan 2055$646,132
Assumption + second · ends Jan 2055, second Dec 2056$794,070
New conventional · ends Dec 2056$879,638