Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,373/mo
Lowest payment- Down payment
- $96,788
- Funds due
- $109,149
- Interest + MI left
- $603,976
- First ends
- Dec 2055
Assumption
Assumption + second
$3,719/mo
+$346/mo- Down payment
- $53,788
- Funds due
- $67,410
- Interest + MI left
- $685,531
- First ends
- Dec 2055
New loan
New conventional
$3,728/mo
+$354/mo- Down payment
- $53,788
- Funds due
- $63,828
- Interest + MI left
- $722,112
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,212 | $433,212 | $476,212 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,837.45 | $2,837.45 | $3,297.20 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $200.51 | $200.51 | $95.24 |
| Taxes, insurance & HOA | $335.42 | $335.42 | $335.42 |
| Total housing payment | $3,373.37 | $3,719.36 | $3,727.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,788
Closing costs & prepaids$13,622
Usable credit−$0
Total buyer cash needed$67,410
Earnest money paid−$0
Remaining funds due$67,410
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$506.25
Prepaid interest, first (1 days)$80.11
Prepaid interest, second (1 days)$10.60
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 6.750%
Interest already paid$26,950Through Nov 2026
Assumption only · ends Dec 2055$603,976
Assumption + second · ends Dec 2055, second Dec 2056$685,531
New conventional · ends Dec 2056$722,112