Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,681/mo
Lowest payment- Down payment
- $146,891
- Funds due
- $160,230
- Interest + MI left
- $630,343
- First ends
- Jan 2054
Assumption
Assumption + second
$4,406/mo
+$724/mo- Down payment
- $56,891
- Funds due
- $71,613
- Interest + MI left
- $801,041
- First ends
- Jan 2054
New loan
New conventional
$3,936/mo
+$255/mo- Down payment
- $56,891
- Funds due
- $67,925
- Interest + MI left
- $742,939
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,109 | $418,109 | $508,109 |
| Second mortgage | — | $90,000 | — |
| First P&I | $3,091.70 | $3,091.70 | $3,442.11 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $197.03 | $197.03 | $101.62 |
| Taxes, insurance & HOA | $392.67 | $392.67 | $392.67 |
| Total housing payment | $3,681.40 | $4,405.56 | $3,936.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,891
Closing costs & prepaids$14,722
Usable credit−$0
Total buyer cash needed$71,613
Earnest money paid−$0
Remaining funds due$71,613
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Prepaid interest, first (6 days)$535.41
Prepaid interest, second (6 days)$133.15
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 1 moOf the original 30-year loan at 7.79%
Interest already paid$96,425Through Dec 2026
Assumption only · ends Jan 2054$630,343
Assumption + second · ends Jan 2054, second Jan 2057$801,041
New conventional · ends Jan 2057$742,939