Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,029/mo
Lowest payment- Down payment
- $52,393
- Funds due
- $63,348
- Interest + MI left
- $525,624
- First ends
- Jun 2054
Assumption
Assumption + second
$3,325/mo
+$296/mo- Down payment
- $23,393
- Funds due
- $35,617
- Interest + MI left
- $603,008
- First ends
- Jun 2054
New loan
New conventional
$3,212/mo
+$183/mo- Down payment
- $23,393
- Funds due
- $32,338
- Interest + MI left
- $647,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,607 | $396,607 | $425,607 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,661.92 | $2,661.92 | $2,946.82 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $186.76 | $186.76 | $85.12 |
| Taxes, insurance & HOA | $180.50 | $180.50 | $180.50 |
| Total housing payment | $3,029.18 | $3,324.69 | $3,212.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,393
Closing costs & prepaids$12,224
Usable credit−$0
Total buyer cash needed$35,617
Earnest money paid−$0
Remaining funds due$35,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$91.50
Prepaid interest, first (2 days)$148.21
Prepaid interest, second (2 days)$18.87
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$66,319Through Nov 2026
Assumption only · ends Jun 2054$525,624
Assumption + second · ends Jun 2054, second Dec 2056$603,008
New conventional · ends Dec 2056$647,675