Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,218/mo
Lowest payment- Down payment
- $76,416
- Funds due
- $88,879
- Interest + MI left
- $551,767
- First ends
- Mar 2055
Assumption
Assumption + second
$3,451/mo
+$233/mo- Down payment
- $47,416
- Funds due
- $61,194
- Interest + MI left
- $606,769
- First ends
- Mar 2055
New loan
New conventional
$3,331/mo
+$114/mo- Down payment
- $47,416
- Funds due
- $57,681
- Interest + MI left
- $623,736
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,584 | $397,584 | $426,584 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,675.97 | $2,675.97 | $2,889.83 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $185.66 | $185.66 | $85.32 |
| Taxes, insurance & HOA | $356.25 | $356.25 | $356.25 |
| Total housing payment | $3,217.88 | $3,451.22 | $3,331.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,416
Closing costs & prepaids$13,777
Usable credit−$0
Total buyer cash needed$61,194
Earnest money paid−$0
Remaining funds due$61,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,740.00
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)$568.75
Prepaid interest, first (9 days)$679.38
Prepaid interest, second (9 days)$64.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 6.93%
Interest already paid$48,702Through Dec 2026
Assumption only · ends Mar 2055$551,767
Assumption + second · ends Mar 2055, second Jan 2057$606,769
New conventional · ends Jan 2057$623,736