Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,329/mo
Lowest payment- Down payment
- $59,019
- Funds due
- $70,743
- Interest + MI left
- $557,097
- First ends
- Apr 2054
Assumption
Assumption + second
$3,675/mo
+$346/mo- Down payment
- $25,019
- Funds due
- $38,004
- Interest + MI left
- $647,822
- First ends
- Apr 2054
New loan
New conventional
$3,562/mo
+$233/mo- Down payment
- $25,019
- Funds due
- $34,708
- Interest + MI left
- $704,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,981 | $428,981 | $462,981 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,862.89 | $2,862.89 | $3,205.59 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $202.51 | $202.51 | $92.60 |
| Taxes, insurance & HOA | $263.33 | $263.33 | $263.33 |
| Total housing payment | $3,328.74 | $3,675.20 | $3,561.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,019
Closing costs & prepaids$12,985
Usable credit−$0
Total buyer cash needed$38,004
Earnest money paid−$0
Remaining funds due$38,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,880.00
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)$290.00
Prepaid interest, first (1 days)$79.21
Prepaid interest, second (1 days)$11.06
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 5 moOf the original 30-year loan at 6.740%
Interest already paid$75,882Through Nov 2026
Assumption only · ends Apr 2054$557,097
Assumption + second · ends Apr 2054, second Dec 2056$647,822
New conventional · ends Dec 2056$704,549