Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,993/mo
Lowest payment- Down payment
- $150,859
- Funds due
- $164,608
- Interest + MI left
- $696,020
- First ends
- Feb 2055
Assumption
Assumption + second
$4,669/mo
+$676/mo- Down payment
- $66,859
- Funds due
- $81,879
- Interest + MI left
- $855,338
- First ends
- Feb 2055
New loan
New conventional
$4,604/mo
+$611/mo- Down payment
- $66,859
- Funds due
- $78,166
- Interest + MI left
- $906,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $514,041 | $514,041 | $598,041 |
| Second mortgage | — | $84,000 | — |
| First P&I | $3,409.19 | $3,409.19 | $4,140.72 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $240.17 | $240.17 | $119.61 |
| Taxes, insurance & HOA | $343.42 | $343.42 | $343.42 |
| Total housing payment | $3,992.78 | $4,668.66 | $4,603.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,859
Closing costs & prepaids$15,020
Usable credit−$0
Total buyer cash needed$81,879
Earnest money paid−$0
Remaining funds due$81,879
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)$530.25
Prepaid interest, first (1 days)$95.48
Prepaid interest, second (1 days)$20.71
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 6.780%
Interest already paid$61,622Through Nov 2026
Assumption only · ends Feb 2055$696,020
Assumption + second · ends Feb 2055, second Dec 2056$855,338
New conventional · ends Dec 2056$906,969