Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,042/mo
Lowest payment- Down payment
- $76,044
- Funds due
- $87,948
- Interest + MI left
- $507,208
- First ends
- Aug 2054
Assumption
Assumption + second
$3,292/mo
+$249/mo- Down payment
- $45,044
- Funds due
- $58,267
- Interest + MI left
- $566,004
- First ends
- Aug 2054
New loan
New conventional
$3,154/mo
+$112/mo- Down payment
- $45,044
- Funds due
- $54,775
- Interest + MI left
- $592,113
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,956 | $373,956 | $404,956 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,536.64 | $2,536.64 | $2,743.31 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $175.82 | $175.82 | $80.99 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $3,042.46 | $3,291.89 | $3,154.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,044
Closing costs & prepaids$13,224
Usable credit−$0
Total buyer cash needed$58,267
Earnest money paid−$0
Remaining funds due$58,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$540.00
Prepaid interest, first (9 days)$639.93
Prepaid interest, second (9 days)$68.79
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 6.94%
Interest already paid$61,385Through Dec 2026
Assumption only · ends Aug 2054$507,208
Assumption + second · ends Aug 2054, second Jan 2057$566,004
New conventional · ends Jan 2057$592,113