Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,476/mo
Lowest payment- Down payment
- $147,068
- Funds due
- $160,690
- Interest + MI left
- $557,816
- First ends
- Mar 2054
Assumption
Assumption + second
$4,192/mo
+$716/mo- Down payment
- $58,068
- Funds due
- $73,138
- Interest + MI left
- $726,617
- First ends
- Mar 2054
New loan
New conventional
$3,995/mo
+$519/mo- Down payment
- $58,068
- Funds due
- $69,504
- Interest + MI left
- $754,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,932 | $426,932 | $515,932 |
| Second mortgage | — | $89,000 | — |
| First P&I | $2,877.39 | $2,877.39 | $3,495.10 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $201.88 | $201.88 | $103.19 |
| Taxes, insurance & HOA | $396.25 | $396.25 | $396.25 |
| Total housing payment | $3,475.52 | $4,191.63 | $3,994.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,068
Closing costs & prepaids$15,069
Usable credit−$0
Total buyer cash needed$73,138
Earnest money paid−$0
Remaining funds due$73,138
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,740.00
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)$688.75
Prepaid interest, first (9 days)$717.95
Prepaid interest, second (9 days)$197.51
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 6.82%
Interest already paid$81,418Through Dec 2026
Assumption only · ends Mar 2054$557,816
Assumption + second · ends Mar 2054, second Jan 2057$726,617
New conventional · ends Jan 2057$754,378