Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,308/mo
Lowest payment- Down payment
- $159,652
- Funds due
- $172,859
- Interest + MI left
- $547,409
- First ends
- Aug 2054
Assumption
Assumption + second
$4,063/mo
+$756/mo- Down payment
- $56,652
- Funds due
- $71,245
- Interest + MI left
- $716,489
- First ends
- Aug 2054
New loan
New conventional
$3,901/mo
+$594/mo- Down payment
- $56,652
- Funds due
- $67,627
- Interest + MI left
- $735,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,348 | $400,348 | $503,348 |
| Second mortgage | — | $103,000 | — |
| First P&I | $2,728.78 | $2,728.78 | $3,409.85 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | $188.18 | $188.18 | $100.67 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $3,307.63 | $4,063.40 | $3,901.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,652
Closing costs & prepaids$14,592
Usable credit−$0
Total buyer cash needed$71,245
Earnest money paid−$0
Remaining funds due$71,245
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Prepaid interest, first (6 days)$460.02
Prepaid interest, second (6 days)$135.45
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 8 moOf the original 30-year loan at 6.99%
Interest already paid$66,183Through Dec 2026
Assumption only · ends Aug 2054$547,409
Assumption + second · ends Aug 2054, second Jan 2057$716,489
New conventional · ends Jan 2057$735,978