Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,690/mo
Lowest payment- Down payment
- $85,014
- Funds due
- $97,818
- Interest + MI left
- $640,590
- First ends
- Aug 2055
Assumption
Assumption + second
$3,932/mo
+$241/mo- Down payment
- $55,014
- Funds due
- $69,076
- Interest + MI left
- $697,489
- First ends
- Aug 2055
New loan
New conventional
$3,940/mo
+$250/mo- Down payment
- $55,014
- Funds due
- $65,482
- Interest + MI left
- $750,680
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $464,986 | $464,986 | $494,986 |
| Second mortgage | — | $30,000 | — |
| First P&I | $3,060.02 | $3,060.02 | $3,427.18 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $216.02 | $216.02 | $99.00 |
| Taxes, insurance & HOA | $414.25 | $414.25 | $414.25 |
| Total housing payment | $3,690.28 | $3,931.67 | $3,940.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,014
Closing costs & prepaids$14,061
Usable credit−$0
Total buyer cash needed$69,076
Earnest money paid−$0
Remaining funds due$69,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$632.75
Initial HOA (3 months)$110.01
Prepaid interest, first (1 days)$86.12
Prepaid interest, second (1 days)$7.40
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 9 moOf the original 30-year loan at 6.760%
Interest already paid$39,580Through Nov 2026
Assumption only · ends Aug 2055$640,590
Assumption + second · ends Aug 2055, second Dec 2056$697,489
New conventional · ends Dec 2056$750,680