Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,226/mo
Lowest payment- Down payment
- $103,606
- Funds due
- $118,034
- Interest + MI left
- $714,106
- First ends
- Sep 2054
Assumption
Assumption + second
$4,548/mo
+$322/mo- Down payment
- $63,606
- Funds due
- $79,373
- Interest + MI left
- $789,972
- First ends
- Sep 2054
New loan
New conventional
$4,369/mo
+$143/mo- Down payment
- $63,606
- Funds due
- $75,703
- Interest + MI left
- $828,089
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,344 | $526,344 | $566,344 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,559.89 | $3,559.89 | $3,836.61 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $247.24 | $247.24 | $113.27 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $4,225.79 | $4,547.64 | $4,368.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,606
Closing costs & prepaids$15,767
Usable credit−$0
Total buyer cash needed$79,373
Earnest money paid−$0
Remaining funds due$79,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,299.50
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)$756.00
Prepaid interest, first (9 days)$898.10
Prepaid interest, second (9 days)$88.77
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$83,034Through Dec 2026
Assumption only · ends Sep 2054$714,106
Assumption + second · ends Sep 2054, second Jan 2057$789,972
New conventional · ends Jan 2057$828,089