Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,321/mo
Lowest payment- Down payment
- $176,818
- Funds due
- $190,169
- Interest + MI left
- $562,461
- First ends
- Jan 2054
Assumption
Assumption + second
$4,209/mo
+$888/mo- Down payment
- $55,818
- Funds due
- $70,657
- Interest + MI left
- $761,088
- First ends
- Jan 2054
New loan
New conventional
$3,833/mo
+$511/mo- Down payment
- $55,818
- Funds due
- $66,969
- Interest + MI left
- $722,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,082 | $373,082 | $494,082 |
| Second mortgage | — | $121,000 | — |
| First P&I | $2,758.75 | $2,758.75 | $3,347.08 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | $175.82 | $175.82 | $98.82 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $3,321.23 | $4,209.08 | $3,832.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,818
Closing costs & prepaids$14,839
Usable credit−$0
Total buyer cash needed$70,657
Earnest money paid−$0
Remaining funds due$70,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Prepaid interest, first (9 days)$716.62
Prepaid interest, second (9 days)$238.68
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 1 moOf the original 30-year loan at 7.79%
Interest already paid$86,041Through Dec 2026
Assumption only · ends Jan 2054$562,461
Assumption + second · ends Jan 2054, second Jan 2057$761,088
New conventional · ends Jan 2057$722,331