Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,564/mo
Lowest payment- Down payment
- $55,435
- Funds due
- $68,010
- Interest + MI left
- $597,142
- First ends
- Sep 2054
Assumption
Assumption + second
$3,870/mo
+$306/mo- Down payment
- $25,435
- Funds due
- $39,319
- Interest + MI left
- $677,194
- First ends
- Sep 2054
New loan
New conventional
$3,676/mo
+$112/mo- Down payment
- $25,435
- Funds due
- $36,015
- Interest + MI left
- $696,308
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,465 | $444,465 | $474,465 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,988.66 | $2,988.66 | $3,214.19 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $208.83 | $208.83 | $94.89 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,564.16 | $3,869.86 | $3,675.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,435
Closing costs & prepaids$13,884
Usable credit−$0
Total buyer cash needed$39,319
Earnest money paid−$0
Remaining funds due$39,319
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)$501.21
Prepaid interest, second (6 days)$58.56
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 6.86%
Interest already paid$69,520Through Dec 2026
Assumption only · ends Sep 2054$597,142
Assumption + second · ends Sep 2054, second Jan 2057$677,194
New conventional · ends Jan 2057$696,308