Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,704/mo
Lowest payment- Down payment
- $54,706
- Funds due
- $67,572
- Interest + MI left
- $596,367
- First ends
- Apr 2054
Assumption
Assumption + second
$3,989/mo
+$285/mo- Down payment
- $26,706
- Funds due
- $40,876
- Interest + MI left
- $671,082
- First ends
- Apr 2054
New loan
New conventional
$3,851/mo
+$147/mo- Down payment
- $26,706
- Funds due
- $37,581
- Interest + MI left
- $731,132
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,194 | $470,194 | $498,194 |
| Second mortgage | — | $28,000 | — |
| First P&I | $3,104.83 | $3,104.83 | $3,374.94 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $222.36 | $222.36 | $99.64 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $3,703.85 | $3,989.17 | $3,851.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,706
Closing costs & prepaids$14,170
Usable credit−$0
Total buyer cash needed$40,876
Earnest money paid−$0
Remaining funds due$40,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.00
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)$630.00
Prepaid interest, first (6 days)$511.67
Prepaid interest, second (6 days)$54.66
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 6.62%
Interest already paid$84,404Through Dec 2026
Assumption only · ends Apr 2054$596,367
Assumption + second · ends Apr 2054, second Jan 2057$671,082
New conventional · ends Jan 2057$731,132