Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,169/mo
Lowest payment- Down payment
- $76,039
- Funds due
- $87,750
- Interest + MI left
- $554,209
- First ends
- Mar 2055
Assumption
Assumption + second
$3,394/mo
+$225/mo- Down payment
- $48,039
- Funds due
- $61,007
- Interest + MI left
- $607,314
- First ends
- Mar 2055
New loan
New conventional
$3,341/mo
+$173/mo- Down payment
- $48,039
- Funds due
- $57,481
- Interest + MI left
- $645,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,961 | $397,961 | $425,961 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,675.97 | $2,675.97 | $2,949.27 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $185.66 | $185.66 | $85.19 |
| Taxes, insurance & HOA | $307.00 | $307.00 | $307.00 |
| Total housing payment | $3,168.63 | $3,393.93 | $3,341.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,039
Closing costs & prepaids$12,968
Usable credit−$0
Total buyer cash needed$61,007
Earnest money paid−$0
Remaining funds due$61,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,740.00
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)$421.00
Prepaid interest, first (1 days)$75.56
Prepaid interest, second (1 days)$6.90
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 4 moOf the original 30-year loan at 6.930%
Interest already paid$46,404Through Nov 2026
Assumption only · ends Mar 2055$554,209
Assumption + second · ends Mar 2055, second Dec 2056$607,314
New conventional · ends Dec 2056$645,913