Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,176/mo
Lowest payment- Down payment
- $78,572
- Funds due
- $92,652
- Interest + MI left
- $695,401
- First ends
- Jun 2054
Assumption
Assumption + second
$4,665/mo
+$489/mo- Down payment
- $30,572
- Funds due
- $46,042
- Interest + MI left
- $823,485
- First ends
- Jun 2054
New loan
New conventional
$4,378/mo
+$202/mo- Down payment
- $30,572
- Funds due
- $42,669
- Interest + MI left
- $835,671
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $521,427 | $521,427 | $569,427 |
| Second mortgage | — | $48,000 | — |
| First P&I | $3,523.65 | $3,523.65 | $3,857.50 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $245.72 | $245.72 | $113.89 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $4,176.04 | $4,665.16 | $4,378.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,572
Closing costs & prepaids$15,470
Usable credit−$0
Total buyer cash needed$46,042
Earnest money paid−$0
Remaining funds due$46,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$720.00
Prepaid interest, first (9 days)$884.57
Prepaid interest, second (9 days)$140.55
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 6 moOf the original 30-year loan at 6.88%
Interest already paid$91,026Through Dec 2026
Assumption only · ends Jun 2054$695,401
Assumption + second · ends Jun 2054, second Jan 2057$823,485
New conventional · ends Jan 2057$835,671