Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,126/mo
Lowest payment- Down payment
- $72,483
- Funds due
- $84,709
- Interest + MI left
- $516,981
- First ends
- Jul 2054
Assumption
Assumption + second
$3,335/mo
+$209/mo- Down payment
- $46,483
- Funds due
- $60,016
- Interest + MI left
- $566,293
- First ends
- Jul 2054
New loan
New conventional
$3,198/mo
+$72/mo- Down payment
- $46,483
- Funds due
- $56,512
- Interest + MI left
- $597,238
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,517 | $382,517 | $408,517 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,597.31 | $2,597.31 | $2,767.44 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $180.02 | $180.02 | $81.70 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $3,125.99 | $3,335.20 | $3,197.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,483
Closing costs & prepaids$13,533
Usable credit−$0
Total buyer cash needed$60,016
Earnest money paid−$0
Remaining funds due$60,016
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Prepaid interest, first (9 days)$654.58
Prepaid interest, second (9 days)$57.70
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 7 moOf the original 30-year loan at 6.94%
Interest already paid$65,068Through Dec 2026
Assumption only · ends Jul 2054$516,981
Assumption + second · ends Jul 2054, second Jan 2057$566,293
New conventional · ends Jan 2057$597,238