Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,065/mo
Lowest payment- Down payment
- $108,580
- Funds due
- $120,958
- Interest + MI left
- $482,055
- First ends
- Mar 2054
Assumption
Assumption + second
$3,539/mo
+$475/mo- Down payment
- $49,580
- Funds due
- $63,295
- Interest + MI left
- $593,957
- First ends
- Mar 2054
New loan
New conventional
$3,434/mo
+$370/mo- Down payment
- $49,580
- Funds due
- $59,767
- Interest + MI left
- $643,967
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,420 | $381,420 | $440,420 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,521.37 | $2,521.37 | $2,983.56 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $180.57 | $180.57 | $88.08 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $3,064.61 | $3,539.34 | $3,434.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,580
Closing costs & prepaids$13,715
Usable credit−$0
Total buyer cash needed$63,295
Earnest money paid−$0
Remaining funds due$63,295
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Prepaid interest, first (6 days)$415.07
Prepaid interest, second (6 days)$87.29
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 3 moOf the original 30-year loan at 6.62%
Interest already paid$70,650Through Dec 2026
Assumption only · ends Mar 2054$482,055
Assumption + second · ends Mar 2054, second Jan 2057$593,957
New conventional · ends Jan 2057$643,967