Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,087/mo
Lowest payment- Down payment
- $65,449
- Funds due
- $78,550
- Interest + MI left
- $736,388
- First ends
- Oct 2055
Assumption
Assumption + second
$4,444/mo
+$357/mo- Down payment
- $30,449
- Funds due
- $44,811
- Interest + MI left
- $829,782
- First ends
- Oct 2055
New loan
New conventional
$4,400/mo
+$312/mo- Down payment
- $30,449
- Funds due
- $41,463
- Interest + MI left
- $866,572
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $534,451 | $534,451 | $569,451 |
| Second mortgage | — | $35,000 | — |
| First P&I | $3,496.50 | $3,496.50 | $3,942.76 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $247.84 | $247.84 | $113.89 |
| Taxes, insurance & HOA | $342.91 | $342.91 | $342.91 |
| Total housing payment | $4,087.26 | $4,443.91 | $4,399.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,449
Closing costs & prepaids$14,363
Usable credit−$0
Total buyer cash needed$44,811
Earnest money paid−$0
Remaining funds due$44,811
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$434.75
Initial HOA (3 months)$93.99
Prepaid interest, first (1 days)$98.40
Prepaid interest, second (1 days)$11.39
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 11 moOf the original 30-year loan at 6.720%
Interest already paid$39,158Through Nov 2026
Assumption only · ends Oct 2055$736,388
Assumption + second · ends Oct 2055, second Dec 2056$829,782
New conventional · ends Dec 2056$866,572