Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,977/mo
Lowest payment- Down payment
- $74,488
- Funds due
- $88,497
- Interest + MI left
- $625,827
- First ends
- Sep 2055
Assumption
Assumption + second
$4,466/mo
+$489/mo- Down payment
- $26,488
- Funds due
- $41,825
- Interest + MI left
- $753,910
- First ends
- Sep 2055
New loan
New conventional
$4,265/mo
+$288/mo- Down payment
- $26,488
- Funds due
- $38,502
- Interest + MI left
- $731,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $450,512 | $450,512 | $498,512 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,979.58 | $2,979.58 | $3,377.09 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $209.26 | $209.26 | $99.70 |
| Taxes, insurance & HOA | $787.92 | $787.92 | $787.92 |
| Total housing payment | $3,976.76 | $4,465.88 | $4,264.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,488
Closing costs & prepaids$15,337
Usable credit−$0
Total buyer cash needed$41,825
Earnest money paid−$0
Remaining funds due$41,825
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,863.75
Prepaid interest, first (5 days)$420.27
Prepaid interest, second (5 days)$78.08
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 9 moOf the original 30-year loan at 6.81%
Interest already paid$38,629Through Dec 2026
Assumption only · ends Sep 2055$625,827
Assumption + second · ends Sep 2055, second Jan 2057$753,910
New conventional · ends Jan 2057$731,599