Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,319/mo
Lowest payment- Down payment
- $143,430
- Funds due
- $158,833
- Interest + MI left
- $681,177
- First ends
- Nov 2055
Assumption
Assumption + second
$4,922/mo
+$603/mo- Down payment
- $68,430
- Funds due
- $85,176
- Interest + MI left
- $823,425
- First ends
- Nov 2055
New loan
New conventional
$4,970/mo
+$651/mo- Down payment
- $68,430
- Funds due
- $81,487
- Interest + MI left
- $886,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $531,470 | $531,470 | $606,470 |
| Second mortgage | — | $75,000 | — |
| First P&I | $3,331.66 | $3,331.66 | $4,108.44 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $246.70 | $246.70 | $121.29 |
| Taxes, insurance & HOA | $740.33 | $740.33 | $740.33 |
| Total housing payment | $4,318.70 | $4,922.17 | $4,970.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,430
Closing costs & prepaids$16,746
Usable credit−$0
Total buyer cash needed$85,176
Earnest money paid−$0
Remaining funds due$85,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,749.00
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)$1,721.00
Prepaid interest, first (5 days)$458.67
Prepaid interest, second (5 days)$92.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6.3%
Interest already paid$36,525Through Dec 2026
Assumption only · ends Nov 2055$681,177
Assumption + second · ends Nov 2055, second Jan 2057$823,425
New conventional · ends Jan 2057$886,759