Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,439/mo
Lowest payment- Down payment
- $101,676
- Funds due
- $114,629
- Interest + MI left
- $557,579
- First ends
- May 2054
Assumption
Assumption + second
$3,826/mo
+$386/mo- Down payment
- $53,676
- Funds due
- $67,962
- Interest + MI left
- $648,618
- First ends
- May 2054
New loan
New conventional
$3,693/mo
+$253/mo- Down payment
- $53,676
- Funds due
- $64,392
- Interest + MI left
- $694,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,224 | $427,224 | $475,224 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,859.47 | $2,859.47 | $3,219.33 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $201.65 | $201.65 | $95.04 |
| Taxes, insurance & HOA | $378.25 | $378.25 | $378.25 |
| Total housing payment | $3,439.37 | $3,825.59 | $3,692.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,676
Closing costs & prepaids$14,286
Usable credit−$0
Total buyer cash needed$67,962
Earnest money paid−$0
Remaining funds due$67,962
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,289.00
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)$634.75
Prepaid interest, first (7 days)$554.69
Prepaid interest, second (7 days)$82.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6.77%
Interest already paid$75,901Through Dec 2026
Assumption only · ends May 2054$557,579
Assumption + second · ends May 2054, second Jan 2057$648,618
New conventional · ends Jan 2057$694,856