Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,631/mo
Lowest payment- Down payment
- $180,048
- Funds due
- $194,078
- Interest + MI left
- $586,408
- First ends
- Jun 2054
Assumption
Assumption + second
$4,489/mo
+$859/mo- Down payment
- $63,048
- Funds due
- $78,482
- Interest + MI left
- $778,470
- First ends
- Jun 2054
New loan
New conventional
$4,373/mo
+$742/mo- Down payment
- $63,048
- Funds due
- $74,818
- Interest + MI left
- $828,978
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,952 | $449,952 | $566,952 |
| Second mortgage | — | $117,000 | — |
| First P&I | $2,999.69 | $2,999.69 | $3,840.73 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $212.19 | $212.19 | $113.39 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $3,630.54 | $4,489.05 | $4,372.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,048
Closing costs & prepaids$15,433
Usable credit−$0
Total buyer cash needed$78,482
Earnest money paid−$0
Remaining funds due$78,482
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$756.00
Prepaid interest, first (6 days)$498.52
Prepaid interest, second (6 days)$153.86
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 6 moOf the original 30-year loan at 6.74%
Interest already paid$76,980Through Dec 2026
Assumption only · ends Jun 2054$586,408
Assumption + second · ends Jun 2054, second Jan 2057$778,470
New conventional · ends Jan 2057$828,978