Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,012/mo
Lowest payment- Down payment
- $53,125
- Funds due
- $66,432
- Interest + MI left
- $658,124
- First ends
- May 2054
Assumption
Assumption + second
$4,267/mo
+$255/mo- Down payment
- $28,125
- Funds due
- $42,731
- Interest + MI left
- $724,834
- First ends
- May 2054
New loan
New conventional
$4,099/mo
+$87/mo- Down payment
- $28,125
- Funds due
- $39,417
- Interest + MI left
- $780,415
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $506,775 | $506,775 | $531,775 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,382.06 | $3,382.06 | $3,602.43 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $239.24 | $239.24 | $106.36 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $4,011.97 | $4,266.72 | $4,099.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,125
Closing costs & prepaids$14,606
Usable credit−$0
Total buyer cash needed$42,731
Earnest money paid−$0
Remaining funds due$42,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,599.00
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)$561.48
Prepaid interest, second (6 days)$48.80
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 5 moOf the original 30-year loan at 6.74%
Interest already paid$89,642Through Dec 2026
Assumption only · ends May 2054$658,124
Assumption + second · ends May 2054, second Jan 2057$724,834
New conventional · ends Jan 2057$780,415