Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,082/mo
Lowest payment- Down payment
- $151,363
- Funds due
- $166,144
- Interest + MI left
- $692,933
- First ends
- Feb 2055
Assumption
Assumption + second
$4,758/mo
+$676/mo- Down payment
- $67,363
- Funds due
- $83,580
- Interest + MI left
- $852,251
- First ends
- Feb 2055
New loan
New conventional
$4,600/mo
+$518/mo- Down payment
- $67,363
- Funds due
- $79,869
- Interest + MI left
- $873,698
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,537 | $513,537 | $597,537 |
| Second mortgage | — | $84,000 | — |
| First P&I | $3,409.19 | $3,409.19 | $4,047.92 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $240.17 | $240.17 | $119.51 |
| Taxes, insurance & HOA | $432.67 | $432.67 | $432.67 |
| Total housing payment | $4,082.03 | $4,757.91 | $4,600.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,363
Closing costs & prepaids$16,217
Usable credit−$0
Total buyer cash needed$83,580
Earnest money paid−$0
Remaining funds due$83,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,649.00
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)$798.00
Prepaid interest, first (9 days)$858.52
Prepaid interest, second (9 days)$186.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 6.78%
Interest already paid$64,527Through Dec 2026
Assumption only · ends Feb 2055$692,933
Assumption + second · ends Feb 2055, second Jan 2057$852,251
New conventional · ends Jan 2057$873,698