Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,431/mo
Lowest payment- Down payment
- $140,143
- Funds due
- $153,096
- Interest + MI left
- $607,661
- First ends
- Dec 2055
Assumption
Assumption + second
$4,075/mo
+$644/mo- Down payment
- $60,143
- Funds due
- $74,366
- Interest + MI left
- $759,392
- First ends
- Dec 2055
New loan
New conventional
$4,126/mo
+$695/mo- Down payment
- $60,143
- Funds due
- $70,723
- Interest + MI left
- $810,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $454,757 | $454,757 | $534,757 |
| Second mortgage | — | $80,000 | — |
| First P&I | $2,904.05 | $2,904.05 | $3,702.55 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $210.58 | $210.58 | $106.95 |
| Taxes, insurance & HOA | $316.25 | $316.25 | $316.25 |
| Total housing payment | $3,430.88 | $4,074.58 | $4,125.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,143
Closing costs & prepaids$14,223
Usable credit−$0
Total buyer cash needed$74,366
Earnest money paid−$0
Remaining funds due$74,366
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,949.00
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)$448.75
Prepaid interest, first (1 days)$80.98
Prepaid interest, second (1 days)$19.73
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 closing29 yr 1 moOf the original 30-year loan at 6.500%
Interest already paid$27,250Through Nov 2026
Assumption only · ends Dec 2055$607,661
Assumption + second · ends Dec 2055, second Dec 2056$759,392
New conventional · ends Dec 2056$810,888