Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,090/mo
Lowest payment- Down payment
- $245,365
- Funds due
- $258,752
- Interest + MI left
- $525,714
- First ends
- Feb 2055
Assumption
Assumption + second
$4,418/mo
+$1,328/mo- Down payment
- $64,365
- Funds due
- $79,042
- Interest + MI left
- $822,835
- First ends
- Feb 2055
New loan
New conventional
$4,412/mo
+$1,322/mo- Down payment
- $64,365
- Funds due
- $75,353
- Interest + MI left
- $872,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,135 | $394,135 | $575,135 |
| Second mortgage | — | $181,000 | — |
| First P&I | $2,590.78 | $2,590.78 | $3,982.12 |
| Second P&I | — | $1,328.11 | — |
| Mortgage insurance | $184.21 | $184.21 | $115.03 |
| Taxes, insurance & HOA | $314.92 | $314.92 | $314.92 |
| Total housing payment | $3,089.91 | $4,418.02 | $4,412.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,365
Closing costs & prepaids$14,677
Usable credit−$0
Total buyer cash needed$79,042
Earnest money paid−$0
Remaining funds due$79,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,395.00
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)$444.75
Prepaid interest, first (1 days)$72.24
Prepaid interest, second (1 days)$39.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 6.690%
Interest already paid$46,629Through Nov 2026
Assumption only · ends Feb 2055$525,714
Assumption + second · ends Feb 2055, second Dec 2056$822,835
New conventional · ends Dec 2056$872,231