Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,386/mo
Lowest payment- Down payment
- $95,857
- Funds due
- $108,971
- Interest + MI left
- $543,815
- First ends
- Nov 2055
Assumption
Assumption + second
$3,748/mo
+$362/mo- Down payment
- $50,857
- Funds due
- $65,276
- Interest + MI left
- $629,164
- First ends
- Nov 2055
New loan
New conventional
$3,724/mo
+$338/mo- Down payment
- $50,857
- Funds due
- $61,740
- Interest + MI left
- $656,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,143 | $404,143 | $449,143 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,606.94 | $2,606.94 | $3,042.65 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $187.47 | $187.47 | $89.83 |
| Taxes, insurance & HOA | $591.67 | $591.67 | $591.67 |
| Total housing payment | $3,386.08 | $3,748.16 | $3,724.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,857
Closing costs & prepaids$14,420
Usable credit−$0
Total buyer cash needed$65,276
Earnest money paid−$0
Remaining funds due$65,276
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$1,275.00
Prepaid interest, first (5 days)$364.28
Prepaid interest, second (5 days)$55.48
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 6.58%
Interest already paid$28,998Through Dec 2026
Assumption only · ends Nov 2055$543,815
Assumption + second · ends Nov 2055, second Jan 2057$629,164
New conventional · ends Jan 2057$656,632