Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,427/mo
Lowest payment- Down payment
- $59,472
- Funds due
- $72,125
- Interest + MI left
- $554,532
- First ends
- Apr 2054
Assumption
Assumption + second
$3,784/mo
+$357/mo- Down payment
- $24,472
- Funds due
- $38,478
- Interest + MI left
- $647,926
- First ends
- Apr 2054
New loan
New conventional
$3,595/mo
+$167/mo- Down payment
- $24,472
- Funds due
- $35,188
- Interest + MI left
- $680,258
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,528 | $428,528 | $463,528 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,862.89 | $2,862.89 | $3,140.10 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $202.51 | $202.51 | $92.71 |
| Taxes, insurance & HOA | $361.83 | $361.83 | $361.83 |
| Total housing payment | $3,427.24 | $3,783.89 | $3,594.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,472
Closing costs & prepaids$14,005
Usable credit−$0
Total buyer cash needed$38,478
Earnest money paid−$0
Remaining funds due$38,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,880.00
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)$585.50
Prepaid interest, first (9 days)$712.18
Prepaid interest, second (9 days)$102.48
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 4 moOf the original 30-year loan at 6.74%
Interest already paid$78,291Through Dec 2026
Assumption only · ends Apr 2054$554,532
Assumption + second · ends Apr 2054, second Jan 2057$647,926
New conventional · ends Jan 2057$680,258