Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,073/mo
Lowest payment- Down payment
- $111,777
- Funds due
- $124,366
- Interest + MI left
- $480,092
- First ends
- Dec 2053
Assumption
Assumption + second
$3,571/mo
+$499/mo- Down payment
- $49,777
- Funds due
- $63,754
- Interest + MI left
- $597,684
- First ends
- Dec 2053
New loan
New conventional
$3,433/mo
+$360/mo- Down payment
- $49,777
- Funds due
- $60,222
- Interest + MI left
- $643,591
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,223 | $378,223 | $440,223 |
| Second mortgage | — | $62,000 | — |
| First P&I | $2,530.39 | $2,530.39 | $2,982.22 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $179.55 | $179.55 | $88.04 |
| Taxes, insurance & HOA | $362.67 | $362.67 | $362.67 |
| Total housing payment | $3,072.60 | $3,571.47 | $3,432.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,777
Closing costs & prepaids$13,976
Usable credit−$0
Total buyer cash needed$63,754
Earnest money paid−$0
Remaining funds due$63,754
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Prepaid interest, first (9 days)$625.78
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 yrOf the original 30-year loan at 6.71%
Interest already paid$77,580Through Dec 2026
Assumption only · ends Dec 2053$480,092
Assumption + second · ends Dec 2053, second Jan 2057$597,684
New conventional · ends Jan 2057$643,591