Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,301/mo
Lowest payment- Down payment
- $96,228
- Funds due
- $108,299
- Interest + MI left
- $558,928
- First ends
- Jul 2054
Assumption
Assumption + second
$3,663/mo
+$362/mo- Down payment
- $51,228
- Funds due
- $64,560
- Interest + MI left
- $644,276
- First ends
- Jul 2054
New loan
New conventional
$3,555/mo
+$254/mo- Down payment
- $51,228
- Funds due
- $61,000
- Interest + MI left
- $688,085
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,772 | $408,772 | $453,772 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,786.20 | $2,786.20 | $3,141.83 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $192.14 | $192.14 | $90.75 |
| Taxes, insurance & HOA | $322.50 | $322.50 | $322.50 |
| Total housing payment | $3,300.84 | $3,662.92 | $3,555.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,228
Closing costs & prepaids$13,332
Usable credit−$0
Total buyer cash needed$64,560
Earnest money paid−$0
Remaining funds due$64,560
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$467.50
Prepaid interest, first (1 days)$78.28
Prepaid interest, second (1 days)$11.10
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 8 moOf the original 30-year loan at 6.990%
Interest already paid$67,575Through Nov 2026
Assumption only · ends Jul 2054$558,928
Assumption + second · ends Jul 2054, second Dec 2056$644,276
New conventional · ends Dec 2056$688,085