Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,294/mo
Lowest payment- Down payment
- $95,362
- Funds due
- $107,887
- Interest + MI left
- $550,299
- First ends
- Sep 2054
Assumption
Assumption + second
$3,656/mo
+$362/mo- Down payment
- $50,362
- Funds due
- $64,204
- Interest + MI left
- $635,648
- First ends
- Sep 2054
New loan
New conventional
$3,495/mo
+$201/mo- Down payment
- $50,362
- Funds due
- $60,652
- Interest + MI left
- $655,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,638 | $403,638 | $448,638 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,737.90 | $2,737.90 | $3,039.23 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $189.57 | $189.57 | $89.73 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $3,293.73 | $3,655.81 | $3,495.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,362
Closing costs & prepaids$13,841
Usable credit−$0
Total buyer cash needed$64,204
Earnest money paid−$0
Remaining funds due$64,204
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Prepaid interest, first (6 days)$461.14
Prepaid interest, second (6 days)$66.58
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$63,948Through Dec 2026
Assumption only · ends Sep 2054$550,299
Assumption + second · ends Sep 2054, second Jan 2057$635,648
New conventional · ends Jan 2057$655,983