Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,274/mo
Lowest payment- Down payment
- $46,678
- Funds due
- $57,306
- Interest + MI left
- $559,783
- First ends
- Nov 2065
Assumption
Assumption + second
$2,580/mo
+$306/mo- Down payment
- $16,678
- Funds due
- $28,604
- Interest + MI left
- $639,835
- First ends
- Nov 2065
New loan
New conventional
$2,616/mo
+$342/mo- Down payment
- $16,678
- Funds due
- $25,386
- Interest + MI left
- $459,821
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $283,322 | $283,322 | $313,322 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,712.82 | $1,712.82 | $2,122.55 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $130.58 | $130.58 | $62.66 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $2,273.90 | $2,579.60 | $2,615.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,678
Closing costs & prepaids$11,926
Usable credit−$0
Total buyer cash needed$28,604
Earnest money paid−$0
Remaining funds due$28,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$841.50
Prepaid interest, first (5 days)$260.81
Prepaid interest, second (5 days)$48.80
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 closing38 yr 11 moOf the original 40-year loan at 6.72%
Interest already paid$20,688Through Dec 2026
Assumption only · ends Nov 2065$559,783
Assumption + second · ends Nov 2065, second Jan 2057$639,835
New conventional · ends Jan 2057$459,821