Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,805/mo
Lowest payment- Down payment
- $418,321
- Funds due
- $431,547
- Interest + MI left
- $273,912
- First ends
- Jun 2054
Assumption
Assumption + second
$4,349/mo
+$2,543/mo- Down payment
- $63,321
- Funds due
- $77,873
- Interest + MI left
- $834,487
- First ends
- Jun 2054
New loan
New conventional
$4,322/mo
+$2,517/mo- Down payment
- $63,321
- Funds due
- $74,189
- Interest + MI left
- $851,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,679 | $206,679 | $561,679 |
| Second mortgage | — | $355,000 | — |
| First P&I | $1,387.17 | $1,387.17 | $3,888.95 |
| Second P&I | — | $2,543.26 | — |
| Mortgage insurance | $97.33 | $97.33 | $112.34 |
| Taxes, insurance & HOA | $320.92 | $320.92 | $320.92 |
| Total housing payment | $1,805.42 | $4,348.68 | $4,322.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,321
Closing costs & prepaids$14,552
Usable credit−$0
Total buyer cash needed$77,873
Earnest money paid−$0
Remaining funds due$77,873
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$462.75
Prepaid interest, first (1 days)$38.62
Prepaid interest, second (1 days)$75.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.820%
Interest already paid$34,560Through Nov 2026
Assumption only · ends Jun 2054$273,912
Assumption + second · ends Jun 2054, second Dec 2056$834,487
New conventional · ends Dec 2056$851,712