Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,515/mo
Lowest payment- Down payment
- $67,142
- Funds due
- $79,710
- Interest + MI left
- $580,733
- First ends
- May 2054
Assumption
Assumption + second
$3,943/mo
+$428/mo- Down payment
- $25,142
- Funds due
- $39,042
- Interest + MI left
- $692,806
- First ends
- May 2054
New loan
New conventional
$3,678/mo
+$163/mo- Down payment
- $25,142
- Funds due
- $35,725
- Interest + MI left
- $696,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $432,758 | $432,758 | $474,758 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,944.39 | $2,944.39 | $3,216.18 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $204.08 | $204.08 | $94.95 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,515.14 | $3,943.12 | $3,677.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,142
Closing costs & prepaids$13,900
Usable credit−$0
Total buyer cash needed$39,042
Earnest money paid−$0
Remaining funds due$39,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Prepaid interest, first (6 days)$493.70
Prepaid interest, second (6 days)$81.99
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 6.94%
Interest already paid$78,776Through Dec 2026
Assumption only · ends May 2054$580,733
Assumption + second · ends May 2054, second Jan 2057$692,806
New conventional · ends Jan 2057$696,738