Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,696/mo
Lowest payment- Down payment
- $101,333
- Funds due
- $114,213
- Interest + MI left
- $647,782
- First ends
- Jun 2055
Assumption
Assumption + second
$4,034/mo
+$338/mo- Down payment
- $59,333
- Funds due
- $73,473
- Interest + MI left
- $727,441
- First ends
- Jun 2055
New loan
New conventional
$4,065/mo
+$368/mo- Down payment
- $59,333
- Funds due
- $69,838
- Interest + MI left
- $796,194
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,067 | $483,067 | $525,067 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,147.13 | $3,147.13 | $3,635.46 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $224.92 | $224.92 | $105.01 |
| Taxes, insurance & HOA | $324.33 | $324.33 | $324.33 |
| Total housing payment | $3,696.39 | $4,034.33 | $4,064.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,333
Closing costs & prepaids$14,140
Usable credit−$0
Total buyer cash needed$73,473
Earnest money paid−$0
Remaining funds due$73,473
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,844.00
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)$473.00
Prepaid interest, first (1 days)$87.88
Prepaid interest, second (1 days)$10.36
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 7 moOf the original 30-year loan at 6.640%
Interest already paid$45,828Through Nov 2026
Assumption only · ends Jun 2055$647,782
Assumption + second · ends Jun 2055, second Dec 2056$727,441
New conventional · ends Dec 2056$796,194