Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,030/mo
Lowest payment- Down payment
- $76,033
- Funds due
- $87,932
- Interest + MI left
- $502,980
- First ends
- Aug 2054
Assumption
Assumption + second
$3,279/mo
+$249/mo- Down payment
- $45,033
- Funds due
- $58,251
- Interest + MI left
- $561,775
- First ends
- Aug 2054
New loan
New conventional
$3,154/mo
+$124/mo- Down payment
- $45,033
- Funds due
- $54,763
- Interest + MI left
- $591,983
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,867 | $373,867 | $404,867 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,523.81 | $2,523.81 | $2,742.71 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $175.82 | $175.82 | $80.97 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $3,029.62 | $3,279.05 | $3,153.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,033
Closing costs & prepaids$13,218
Usable credit−$0
Total buyer cash needed$58,251
Earnest money paid−$0
Remaining funds due$58,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Prepaid interest, first (9 days)$635.16
Prepaid interest, second (9 days)$68.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.89%
Interest already paid$60,936Through Dec 2026
Assumption only · ends Aug 2054$502,980
Assumption + second · ends Aug 2054, second Jan 2057$561,775
New conventional · ends Jan 2057$591,983