Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,683/mo
Lowest payment- Down payment
- $58,301
- Funds due
- $70,811
- Interest + MI left
- $660,359
- First ends
- Oct 2055
Assumption
Assumption + second
$3,999/mo
+$316/mo- Down payment
- $27,301
- Funds due
- $41,081
- Interest + MI left
- $743,080
- First ends
- Oct 2055
New loan
New conventional
$3,990/mo
+$307/mo- Down payment
- $27,301
- Funds due
- $37,770
- Interest + MI left
- $787,769
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,599 | $486,599 | $517,599 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,154.72 | $3,154.72 | $3,583.75 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $225.70 | $225.70 | $103.52 |
| Taxes, insurance & HOA | $302.83 | $302.83 | $302.83 |
| Total housing payment | $3,683.26 | $3,999.15 | $3,990.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,301
Closing costs & prepaids$13,779
Usable credit−$0
Total buyer cash needed$41,081
Earnest money paid−$0
Remaining funds due$41,081
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.00
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)$408.50
Prepaid interest, first (2 days)$176.78
Prepaid interest, second (2 days)$20.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 6.630%
Interest already paid$35,178Through Nov 2026
Assumption only · ends Oct 2055$660,359
Assumption + second · ends Oct 2055, second Dec 2056$743,080
New conventional · ends Dec 2056$787,769