Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,479/mo
Lowest payment- Down payment
- $68,891
- Funds due
- $83,159
- Interest + MI left
- $729,246
- First ends
- Apr 2054
Assumption
Assumption + second
$4,845/mo
+$367/mo- Down payment
- $32,891
- Funds due
- $48,479
- Interest + MI left
- $825,309
- First ends
- Apr 2054
New loan
New conventional
$4,657/mo
+$178/mo- Down payment
- $32,891
- Funds due
- $45,122
- Interest + MI left
- $890,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $571,109 | $571,109 | $607,109 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,785.92 | $3,785.92 | $4,112.77 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $270.02 | $270.02 | $121.42 |
| Taxes, insurance & HOA | $422.67 | $422.67 | $422.67 |
| Total housing payment | $4,478.61 | $4,845.45 | $4,656.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,891
Closing costs & prepaids$15,589
Usable credit−$0
Total buyer cash needed$48,479
Earnest money paid−$0
Remaining funds due$48,479
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$768.00
Prepaid interest, first (6 days)$625.25
Prepaid interest, second (6 days)$70.27
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 4 moOf the original 30-year loan at 6.66%
Interest already paid$103,127Through Dec 2026
Assumption only · ends Apr 2054$729,246
Assumption + second · ends Apr 2054, second Jan 2057$825,309
New conventional · ends Jan 2057$890,851