Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,743/mo
Lowest payment- Down payment
- $171,004
- Funds due
- $185,003
- Interest + MI left
- $620,338
- First ends
- Jun 2054
Assumption
Assumption + second
$4,535/mo
+$792/mo- Down payment
- $63,004
- Funds due
- $78,395
- Interest + MI left
- $797,626
- First ends
- Jun 2054
New loan
New conventional
$4,336/mo
+$593/mo- Down payment
- $63,004
- Funds due
- $74,712
- Interest + MI left
- $821,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $453,996 | $453,996 | $561,996 |
| Second mortgage | — | $108,000 | — |
| First P&I | $3,112.52 | $3,112.52 | $3,807.16 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $213.78 | $213.78 | $112.40 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $3,742.96 | $4,535.43 | $4,336.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,004
Closing costs & prepaids$15,392
Usable credit−$0
Total buyer cash needed$78,395
Earnest money paid−$0
Remaining funds due$78,395
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Prepaid interest, first (6 days)$524.65
Prepaid interest, second (6 days)$142.03
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 7.03%
Interest already paid$80,950Through Dec 2026
Assumption only · ends Jun 2054$620,338
Assumption + second · ends Jun 2054, second Jan 2057$797,626
New conventional · ends Jan 2057$821,731