Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,327/mo
Lowest payment- Down payment
- $134,771
- Funds due
- $149,416
- Interest + MI left
- $726,990
- First ends
- Sep 2054
Assumption
Assumption + second
$4,866/mo
+$539/mo- Down payment
- $67,771
- Funds due
- $83,765
- Interest + MI left
- $854,065
- First ends
- Sep 2054
New loan
New conventional
$4,672/mo
+$345/mo- Down payment
- $67,771
- Funds due
- $80,045
- Interest + MI left
- $887,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,228 | $540,228 | $607,228 |
| Second mortgage | — | $67,000 | — |
| First P&I | $3,636.12 | $3,636.12 | $4,113.57 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $253.82 | $253.82 | $121.45 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $4,326.60 | $4,865.70 | $4,671.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,771
Closing costs & prepaids$15,994
Usable credit−$0
Total buyer cash needed$83,765
Earnest money paid−$0
Remaining funds due$83,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,749.99
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)$810.00
Prepaid interest, first (6 days)$610.09
Prepaid interest, second (6 days)$99.12
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 6.87%
Interest already paid$84,619Through Dec 2026
Assumption only · ends Sep 2054$726,990
Assumption + second · ends Sep 2054, second Jan 2057$854,065
New conventional · ends Jan 2057$887,868