Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,133/mo
Lowest payment- Down payment
- $64,573
- Funds due
- $76,873
- Interest + MI left
- $463,597
- First ends
- Jan 2055
Assumption
Assumption + second
$3,571/mo
+$438/mo- Down payment
- $21,573
- Funds due
- $35,207
- Interest + MI left
- $578,338
- First ends
- Jan 2055
New loan
New conventional
$3,425/mo
+$292/mo- Down payment
- $21,573
- Funds due
- $31,942
- Interest + MI left
- $584,491
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,327 | $355,327 | $398,327 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,319.60 | $2,319.60 | $2,698.41 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $166.47 | $166.47 | $79.67 |
| Taxes, insurance & HOA | $646.92 | $646.92 | $646.92 |
| Total housing payment | $3,132.99 | $3,571.16 | $3,424.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,573
Closing costs & prepaids$13,634
Usable credit−$0
Total buyer cash needed$35,207
Earnest money paid−$0
Remaining funds due$35,207
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,490.75
Prepaid interest, first (6 days)$385.51
Prepaid interest, second (6 days)$83.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 6.6%
Interest already paid$45,479Through Dec 2026
Assumption only · ends Jan 2055$463,597
Assumption + second · ends Jan 2055, second Jan 2057$578,338
New conventional · ends Jan 2057$584,491