Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,340/mo
Lowest payment- Down payment
- $76,964
- Funds due
- $89,323
- Interest + MI left
- $569,072
- First ends
- Dec 2055
Assumption
Assumption + second
$3,541/mo
+$201/mo- Down payment
- $51,964
- Funds due
- $65,579
- Interest + MI left
- $616,488
- First ends
- Dec 2055
New loan
New conventional
$3,696/mo
+$356/mo- Down payment
- $51,964
- Funds due
- $62,022
- Interest + MI left
- $706,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $441,035 | $441,035 | $466,035 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,759.17 | $2,759.17 | $3,226.73 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $204.31 | $204.31 | $93.21 |
| Taxes, insurance & HOA | $376.08 | $376.08 | $376.08 |
| Total housing payment | $3,339.56 | $3,540.72 | $3,696.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,964
Closing costs & prepaids$13,616
Usable credit−$0
Total buyer cash needed$65,579
Earnest money paid−$0
Remaining funds due$65,579
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,179.99
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)$628.25
Prepaid interest, first (1 days)$76.12
Prepaid interest, second (1 days)$6.16
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 6.300%
Interest already paid$25,620Through Nov 2026
Assumption only · ends Dec 2055$569,072
Assumption + second · ends Dec 2055, second Dec 2056$616,488
New conventional · ends Dec 2056$706,773