Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,401/mo
Lowest payment- Down payment
- $208,350
- Funds due
- $222,239
- Interest + MI left
- $558,332
- First ends
- Aug 2054
Assumption
Assumption + second
$4,472/mo
+$1,071/mo- Down payment
- $62,350
- Funds due
- $77,681
- Interest + MI left
- $797,999
- First ends
- Aug 2054
New loan
New conventional
$4,304/mo
+$903/mo- Down payment
- $62,350
- Funds due
- $74,004
- Interest + MI left
- $815,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $411,650 | $411,650 | $557,650 |
| Second mortgage | — | $146,000 | — |
| First P&I | $2,792.32 | $2,792.32 | $3,777.72 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | $193.54 | $193.54 | $111.53 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $3,400.53 | $4,471.82 | $4,303.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,350
Closing costs & prepaids$15,331
Usable credit−$0
Total buyer cash needed$77,681
Earnest money paid−$0
Remaining funds due$77,681
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,200.00
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)$744.00
Prepaid interest, first (6 days)$469.62
Prepaid interest, second (6 days)$192.00
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 8 moOf the original 30-year loan at 6.94%
Interest already paid$67,573Through Dec 2026
Assumption only · ends Aug 2054$558,332
Assumption + second · ends Aug 2054, second Jan 2057$797,999
New conventional · ends Jan 2057$815,377