Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,020/mo
Lowest payment- Down payment
- $54,046
- Funds due
- $65,557
- Interest + MI left
- $480,656
- First ends
- Mar 2054
Assumption
Assumption + second
$3,346/mo
+$326/mo- Down payment
- $22,046
- Funds due
- $34,869
- Interest + MI left
- $566,045
- First ends
- Mar 2054
New loan
New conventional
$3,204/mo
+$184/mo- Down payment
- $22,046
- Funds due
- $31,610
- Interest + MI left
- $606,037
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,954 | $380,954 | $412,954 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,515.84 | $2,515.84 | $2,797.49 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $180.36 | $180.36 | $82.59 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $3,020.20 | $3,346.28 | $3,204.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,046
Closing costs & prepaids$12,823
Usable credit−$0
Total buyer cash needed$34,869
Earnest money paid−$0
Remaining funds due$34,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$522.00
Prepaid interest, first (6 days)$413.94
Prepaid interest, second (6 days)$62.47
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 6.61%
Interest already paid$70,459Through Dec 2026
Assumption only · ends Mar 2054$480,656
Assumption + second · ends Mar 2054, second Jan 2057$566,045
New conventional · ends Jan 2057$606,037