Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,524/mo
Lowest payment- Down payment
- $156,043
- Funds due
- $169,906
- Interest + MI left
- $567,335
- First ends
- Jun 2054
Assumption
Assumption + second
$4,296/mo
+$772/mo- Down payment
- $60,043
- Funds due
- $75,369
- Interest + MI left
- $749,412
- First ends
- Jun 2054
New loan
New conventional
$4,136/mo
+$612/mo- Down payment
- $60,043
- Funds due
- $71,729
- Interest + MI left
- $782,196
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,957 | $438,957 | $534,957 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,912.18 | $2,912.18 | $3,623.99 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $207.06 | $207.06 | $106.99 |
| Taxes, insurance & HOA | $404.67 | $404.67 | $404.67 |
| Total housing payment | $3,523.90 | $4,296.34 | $4,135.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,043
Closing costs & prepaids$15,326
Usable credit−$0
Total buyer cash needed$75,369
Earnest money paid−$0
Remaining funds due$75,369
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Prepaid interest, first (9 days)$724.10
Prepaid interest, second (9 days)$213.04
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 6.69%
Interest already paid$74,553Through Dec 2026
Assumption only · ends Jun 2054$567,335
Assumption + second · ends Jun 2054, second Jan 2057$749,412
New conventional · ends Jan 2057$782,196