Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,272/mo
Lowest payment- Down payment
- $187,589
- Funds due
- $200,604
- Interest + MI left
- $581,553
- First ends
- Jul 2055
Assumption
Assumption + second
$4,204/mo
+$932/mo- Down payment
- $60,589
- Funds due
- $74,882
- Interest + MI left
- $790,030
- First ends
- Jul 2055
New loan
New conventional
$4,182/mo
+$910/mo- Down payment
- $60,589
- Funds due
- $71,230
- Interest + MI left
- $825,484
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,311 | $417,311 | $544,311 |
| Second mortgage | — | $127,000 | — |
| First P&I | $2,773.58 | $2,773.58 | $3,768.70 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $194.00 | $194.00 | $108.86 |
| Taxes, insurance & HOA | $304.33 | $304.33 | $304.33 |
| Total housing payment | $3,271.92 | $4,203.80 | $4,181.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,589
Closing costs & prepaids$14,293
Usable credit−$0
Total buyer cash needed$74,882
Earnest money paid−$0
Remaining funds due$74,882
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,049.00
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)$413.00
Prepaid interest, first (1 days)$78.32
Prepaid interest, second (1 days)$27.84
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 8 moOf the original 30-year loan at 6.850%
Interest already paid$38,408Through Nov 2026
Assumption only · ends Jul 2055$581,553
Assumption + second · ends Jul 2055, second Dec 2056$790,030
New conventional · ends Dec 2056$825,484