Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,347/mo
Lowest payment- Down payment
- $96,633
- Funds due
- $109,468
- Interest + MI left
- $556,393
- First ends
- Jul 2054
Assumption
Assumption + second
$3,717/mo
+$370/mo- Down payment
- $50,633
- Funds due
- $64,820
- Interest + MI left
- $643,639
- First ends
- Jul 2054
New loan
New conventional
$3,538/mo
+$191/mo- Down payment
- $50,633
- Funds due
- $61,262
- Interest + MI left
- $664,360
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,367 | $408,367 | $454,367 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,786.20 | $2,786.20 | $3,078.04 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $192.14 | $192.14 | $90.87 |
| Taxes, insurance & HOA | $368.67 | $368.67 | $368.67 |
| Total housing payment | $3,347.00 | $3,717.13 | $3,537.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,633
Closing costs & prepaids$14,187
Usable credit−$0
Total buyer cash needed$64,820
Earnest money paid−$0
Remaining funds due$64,820
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Prepaid interest, first (9 days)$703.85
Prepaid interest, second (9 days)$102.08
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 6.99%
Interest already paid$69,956Through Dec 2026
Assumption only · ends Jul 2054$556,393
Assumption + second · ends Jul 2054, second Jan 2057$643,639
New conventional · ends Jan 2057$664,360