Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,193/mo
Lowest payment- Down payment
- $167,684
- Funds due
- $182,063
- Interest + MI left
- $747,870
- First ends
- Aug 2055
Assumption
Assumption + second
$4,974/mo
+$780/mo- Down payment
- $70,684
- Funds due
- $86,361
- Interest + MI left
- $931,844
- First ends
- Aug 2055
New loan
New conventional
$4,880/mo
+$687/mo- Down payment
- $70,684
- Funds due
- $82,610
- Interest + MI left
- $952,758
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $531,316 | $531,316 | $628,316 |
| Second mortgage | — | $97,000 | — |
| First P&I | $3,542.03 | $3,542.03 | $4,350.33 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $246.75 | $246.75 | $125.66 |
| Taxes, insurance & HOA | $404.42 | $404.42 | $404.42 |
| Total housing payment | $4,193.20 | $4,973.68 | $4,880.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,684
Closing costs & prepaids$15,677
Usable credit−$0
Total buyer cash needed$86,361
Earnest money paid−$0
Remaining funds due$86,361
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$713.25
Prepaid interest, first (2 days)$200.59
Prepaid interest, second (2 days)$47.84
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 9 moOf the original 30-year loan at 6.890%
Interest already paid$46,087Through Nov 2026
Assumption only · ends Aug 2055$747,870
Assumption + second · ends Aug 2055, second Dec 2056$931,844
New conventional · ends Dec 2056$952,758