Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,003/mo
Lowest payment- Down payment
- $62,991
- Funds due
- $76,379
- Interest + MI left
- $640,325
- First ends
- Mar 2055
Assumption
Assumption + second
$4,369/mo
+$367/mo- Down payment
- $26,991
- Funds due
- $41,640
- Interest + MI left
- $736,388
- First ends
- Mar 2055
New loan
New conventional
$4,293/mo
+$290/mo- Down payment
- $26,991
- Funds due
- $38,325
- Interest + MI left
- $779,261
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476,009 | $476,009 | $512,009 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,135.19 | $3,135.19 | $3,545.05 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $222.23 | $222.23 | $102.40 |
| Taxes, insurance & HOA | $645.08 | $645.08 | $645.08 |
| Total housing payment | $4,002.51 | $4,369.35 | $4,292.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,991
Closing costs & prepaids$14,650
Usable credit−$0
Total buyer cash needed$41,640
Earnest money paid−$0
Remaining funds due$41,640
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,390.00
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)$475.25
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$87.64
Prepaid interest, second (1 days)$11.71
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 4 moOf the original 30-year loan at 6.720%
Interest already paid$53,843Through Nov 2026
Assumption only · ends Mar 2055$640,325
Assumption + second · ends Mar 2055, second Dec 2056$736,388
New conventional · ends Dec 2056$779,261