Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,261/mo
Lowest payment- Down payment
- $83,059
- Funds due
- $95,598
- Interest + MI left
- $546,252
- First ends
- Aug 2054
Assumption
Assumption + second
$3,543/mo
+$282/mo- Down payment
- $48,059
- Funds due
- $61,926
- Interest + MI left
- $612,634
- First ends
- Aug 2054
New loan
New conventional
$3,371/mo
+$110/mo- Down payment
- $48,059
- Funds due
- $58,394
- Interest + MI left
- $631,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,941 | $396,941 | $431,941 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,715.99 | $2,715.99 | $2,926.12 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $186.54 | $186.54 | $86.39 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $3,261.19 | $3,542.81 | $3,371.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,059
Closing costs & prepaids$13,867
Usable credit−$0
Total buyer cash needed$61,926
Earnest money paid−$0
Remaining funds due$61,926
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Prepaid interest, first (9 days)$688.07
Prepaid interest, second (9 days)$77.67
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 7.03%
Interest already paid$65,988Through Dec 2026
Assumption only · ends Aug 2054$546,252
Assumption + second · ends Aug 2054, second Jan 2057$612,634
New conventional · ends Jan 2057$631,569