Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,308/mo
Lowest payment- Down payment
- $73,823
- Funds due
- $85,726
- Interest + MI left
- $598,939
- First ends
- Sep 2055
Assumption
Assumption + second
$3,797/mo
+$489/mo- Down payment
- $25,823
- Funds due
- $38,992
- Interest + MI left
- $727,022
- First ends
- Sep 2055
New loan
New conventional
$3,698/mo
+$390/mo- Down payment
- $25,823
- Funds due
- $35,686
- Interest + MI left
- $736,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,177 | $436,177 | $484,177 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,856.26 | $2,856.26 | $3,352.34 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $202.46 | $202.46 | $96.84 |
| Taxes, insurance & HOA | $249.25 | $249.25 | $249.25 |
| Total housing payment | $3,307.97 | $3,797.09 | $3,698.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,823
Closing costs & prepaids$13,169
Usable credit−$0
Total buyer cash needed$38,992
Earnest money paid−$0
Remaining funds due$38,992
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,100.00
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)$247.75
Prepaid interest, first (1 days)$80.30
Prepaid interest, second (1 days)$15.62
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 10 moOf the original 30-year loan at 6.720%
Interest already paid$34,432Through Nov 2026
Assumption only · ends Sep 2055$598,939
Assumption + second · ends Sep 2055, second Dec 2056$727,022
New conventional · ends Dec 2056$736,805