Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,484/mo
Lowest payment- Down payment
- $231,213
- Funds due
- $247,946
- Interest + MI left
- $721,734
- First ends
- Jun 2054
Assumption
Assumption + second
$5,599/mo
+$1,115/mo- Down payment
- $79,213
- Funds due
- $97,429
- Interest + MI left
- $971,250
- First ends
- Jun 2054
New loan
New conventional
$5,453/mo
+$969/mo- Down payment
- $79,213
- Funds due
- $93,610
- Interest + MI left
- $1,031,977
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $553,787 | $553,787 | $705,787 |
| Second mortgage | — | $152,000 | — |
| First P&I | $3,691.93 | $3,691.93 | $4,781.25 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | $261.16 | $261.16 | $141.16 |
| Taxes, insurance & HOA | $530.67 | $530.67 | $530.67 |
| Total housing payment | $4,483.75 | $5,599.07 | $5,453.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,213
Closing costs & prepaids$18,216
Usable credit−$0
Total buyer cash needed$97,429
Earnest money paid−$0
Remaining funds due$97,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$942.00
Prepaid interest, first (7 days)$715.83
Prepaid interest, second (7 days)$233.21
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 6 moOf the original 30-year loan at 6.74%
Interest already paid$94,745Through Dec 2026
Assumption only · ends Jun 2054$721,734
Assumption + second · ends Jun 2054, second Jan 2057$971,250
New conventional · ends Jan 2057$1,031,977