Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,729/mo
Lowest payment- Down payment
- $66,339
- Funds due
- $81,002
- Interest + MI left
- $770,774
- First ends
- Apr 2054
Assumption
Assumption + second
$5,055/mo
+$326/mo- Down payment
- $34,339
- Funds due
- $50,314
- Interest + MI left
- $856,163
- First ends
- Apr 2054
New loan
New conventional
$4,883/mo
+$154/mo- Down payment
- $34,339
- Funds due
- $46,950
- Interest + MI left
- $935,682
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $605,661 | $605,661 | $637,661 |
| Second mortgage | — | $32,000 | — |
| First P&I | $4,007.16 | $4,007.16 | $4,319.74 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $286.39 | $286.39 | $127.53 |
| Taxes, insurance & HOA | $435.50 | $435.50 | $435.50 |
| Total housing payment | $4,729.04 | $5,055.12 | $4,882.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,339
Closing costs & prepaids$15,975
Usable credit−$0
Total buyer cash needed$50,314
Earnest money paid−$0
Remaining funds due$50,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,720.00
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)$806.50
Prepaid interest, first (6 days)$661.08
Prepaid interest, second (6 days)$62.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 closing27 yr 4 moOf the original 30-year loan at 6.64%
Interest already paid$109,044Through Dec 2026
Assumption only · ends Apr 2054$770,774
Assumption + second · ends Apr 2054, second Jan 2057$856,163
New conventional · ends Jan 2057$935,682