Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,004/mo
Lowest payment- Down payment
- $125,126
- Funds due
- $139,486
- Interest + MI left
- $644,671
- First ends
- Apr 2054
Assumption
Assumption + second
$4,503/mo
+$499/mo- Down payment
- $63,126
- Funds due
- $78,873
- Interest + MI left
- $762,263
- First ends
- Apr 2054
New loan
New conventional
$4,372/mo
+$368/mo- Down payment
- $63,126
- Funds due
- $75,229
- Interest + MI left
- $828,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $504,874 | $504,874 | $566,874 |
| Second mortgage | — | $62,000 | — |
| First P&I | $3,346.85 | $3,346.85 | $3,840.20 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $238.70 | $238.70 | $113.37 |
| Taxes, insurance & HOA | $418.67 | $418.67 | $418.67 |
| Total housing payment | $4,004.22 | $4,503.08 | $4,372.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,126
Closing costs & prepaids$15,748
Usable credit−$0
Total buyer cash needed$78,873
Earnest money paid−$0
Remaining funds due$78,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$756.00
Prepaid interest, first (9 days)$829.10
Prepaid interest, second (9 days)$137.59
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 6.66%
Interest already paid$91,166Through Dec 2026
Assumption only · ends Apr 2054$644,671
Assumption + second · ends Apr 2054, second Jan 2057$762,263
New conventional · ends Jan 2057$828,864