Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,408/mo
Lowest payment- Down payment
- $78,209
- Funds due
- $92,093
- Interest + MI left
- $750,121
- First ends
- Apr 2055
Assumption
Assumption + second
$4,887/mo
+$479/mo- Down payment
- $31,209
- Funds due
- $46,358
- Interest + MI left
- $875,536
- First ends
- Apr 2055
New loan
New conventional
$4,711/mo
+$303/mo- Down payment
- $31,209
- Funds due
- $42,996
- Interest + MI left
- $888,379
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $536,781 | $536,781 | $583,781 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,606.01 | $3,606.01 | $4,041.98 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $250.19 | $250.19 | $116.76 |
| Taxes, insurance & HOA | $552.08 | $552.08 | $552.08 |
| Total housing payment | $4,408.29 | $4,887.22 | $4,710.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,209
Closing costs & prepaids$15,148
Usable credit−$0
Total buyer cash needed$46,358
Earnest money paid−$0
Remaining funds due$46,358
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,149.90
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)$496.25
Initial HOA (3 months)$660.00
Prepaid interest, first (1 days)$101.91
Prepaid interest, second (1 days)$15.29
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 5 moOf the original 30-year loan at 6.930%
Interest already paid$59,432Through Nov 2026
Assumption only · ends Apr 2055$750,121
Assumption + second · ends Apr 2055, second Dec 2056$875,536
New conventional · ends Dec 2056$888,379