Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,309/mo
Lowest payment- Down payment
- $174,554
- Funds due
- $188,208
- Interest + MI left
- $545,617
- First ends
- Oct 2054
Assumption
Assumption + second
$4,160/mo
+$851/mo- Down payment
- $58,554
- Funds due
- $73,687
- Interest + MI left
- $736,037
- First ends
- Oct 2054
New loan
New conventional
$4,035/mo
+$726/mo- Down payment
- $58,554
- Funds due
- $70,061
- Interest + MI left
- $762,294
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,346 | $405,346 | $521,346 |
| Second mortgage | — | $116,000 | — |
| First P&I | $2,720.24 | $2,720.24 | $3,531.78 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $190.27 | $190.27 | $104.27 |
| Taxes, insurance & HOA | $398.67 | $398.67 | $398.67 |
| Total housing payment | $3,309.18 | $4,160.35 | $4,034.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,554
Closing costs & prepaids$15,133
Usable credit−$0
Total buyer cash needed$73,687
Earnest money paid−$0
Remaining funds due$73,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$696.00
Prepaid interest, first (9 days)$684.65
Prepaid interest, second (9 days)$228.82
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 10 moOf the original 30-year loan at 6.85%
Interest already paid$60,933Through Dec 2026
Assumption only · ends Oct 2054$545,617
Assumption + second · ends Oct 2054, second Jan 2057$736,037
New conventional · ends Jan 2057$762,294