Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,217/mo
Lowest payment- Down payment
- $96,746
- Funds due
- $109,209
- Interest + MI left
- $525,205
- First ends
- Jul 2054
Assumption
Assumption + second
$3,596/mo
+$378/mo- Down payment
- $49,746
- Funds due
- $63,529
- Interest + MI left
- $614,347
- First ends
- Jul 2054
New loan
New conventional
$3,470/mo
+$253/mo- Down payment
- $49,746
- Funds due
- $59,993
- Interest + MI left
- $651,035
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,254 | $398,254 | $445,254 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,665.20 | $2,665.20 | $3,016.31 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $187.57 | $187.57 | $89.05 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $3,217.43 | $3,595.61 | $3,470.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,746
Closing costs & prepaids$13,783
Usable credit−$0
Total buyer cash needed$63,529
Earnest money paid−$0
Remaining funds due$63,529
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Prepaid interest, first (6 days)$444.52
Prepaid interest, second (6 days)$69.53
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 7 moOf the original 30-year loan at 6.79%
Interest already paid$66,307Through Dec 2026
Assumption only · ends Jul 2054$525,205
Assumption + second · ends Jul 2054, second Jan 2057$614,347
New conventional · ends Jan 2057$651,035