Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,595/mo
Lowest payment- Down payment
- $110,977
- Funds due
- $122,054
- Interest + MI left
- $454,827
- First ends
- Sep 2055
Assumption
Assumption + second
$3,126/mo
+$531/mo- Down payment
- $44,977
- Funds due
- $57,320
- Interest + MI left
- $580,005
- First ends
- Sep 2055
New loan
New conventional
$3,113/mo
+$518/mo- Down payment
- $44,977
- Funds due
- $53,824
- Interest + MI left
- $606,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,023 | $334,023 | $400,023 |
| Second mortgage | — | $66,000 | — |
| First P&I | $2,176.36 | $2,176.36 | $2,769.68 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $155.06 | $155.06 | $80.00 |
| Taxes, insurance & HOA | $263.42 | $263.42 | $263.42 |
| Total housing payment | $2,594.84 | $3,125.89 | $3,113.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,977
Closing costs & prepaids$12,343
Usable credit−$0
Total buyer cash needed$57,320
Earnest money paid−$0
Remaining funds due$57,320
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$340.25
Prepaid interest, first (1 days)$61.04
Prepaid interest, second (1 days)$16.27
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 10 moOf the original 30-year loan at 6.670%
Interest already paid$26,174Through Nov 2026
Assumption only · ends Sep 2055$454,827
Assumption + second · ends Sep 2055, second Dec 2056$580,005
New conventional · ends Dec 2056$606,582