Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,739/mo
+$63/mo- Down payment
- $51,519
- Funds due
- $64,400
- Interest + MI left
- $631,613
- First ends
- Mar 2054
Assumption
Assumption + second
$4,004/mo
+$328/mo- Down payment
- $25,519
- Funds due
- $39,726
- Interest + MI left
- $700,992
- First ends
- Mar 2054
New loan
New conventional
$3,676/mo
Lowest payment- Down payment
- $25,519
- Funds due
- $36,379
- Interest + MI left
- $696,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,480 | $448,480 | $474,480 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,160.69 | $3,160.69 | $3,214.29 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $211.51 | $211.51 | $94.90 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,738.87 | $4,003.81 | $3,675.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,519
Closing costs & prepaids$14,207
Usable credit−$0
Total buyer cash needed$39,726
Earnest money paid−$0
Remaining funds due$39,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Prepaid interest, first (9 days)$806.16
Prepaid interest, second (9 days)$76.13
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 3 moOf the original 30-year loan at 7.29%
Interest already paid$91,296Through Dec 2026
Assumption only · ends Mar 2054$631,613
Assumption + second · ends Mar 2054, second Jan 2057$700,992
New conventional · ends Jan 2057$696,236