Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,239/mo
Lowest payment- Down payment
- $357,899
- Funds due
- $374,050
- Interest + MI left
- $508,429
- First ends
- Oct 2054
Assumption
Assumption + second
$5,266/mo
+$2,027/mo- Down payment
- $74,899
- Funds due
- $92,841
- Interest + MI left
- $955,310
- First ends
- Oct 2054
New loan
New conventional
$5,151/mo
+$1,912/mo- Down payment
- $74,899
- Funds due
- $89,041
- Interest + MI left
- $972,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,101 | $382,101 | $665,101 |
| Second mortgage | — | $283,000 | — |
| First P&I | $2,546.79 | $2,546.79 | $4,505.63 |
| Second P&I | — | $2,027.45 | — |
| Mortgage insurance | $179.42 | $179.42 | $133.02 |
| Taxes, insurance & HOA | $512.67 | $512.67 | $512.67 |
| Total housing payment | $3,238.88 | $5,266.32 | $5,151.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,899
Closing costs & prepaids$17,943
Usable credit−$0
Total buyer cash needed$92,841
Earnest money paid−$0
Remaining funds due$92,841
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,400.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$888.00
Prepaid interest, first (9 days)$638.79
Prepaid interest, second (9 days)$540.80
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 10 moOf the original 30-year loan at 6.78%
Interest already paid$56,861Through Dec 2026
Assumption only · ends Oct 2054$508,429
Assumption + second · ends Oct 2054, second Jan 2057$955,310
New conventional · ends Jan 2057$972,488