Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,178/mo
Lowest payment- Down payment
- $52,801
- Funds due
- $64,721
- Interest + MI left
- $523,224
- First ends
- Jun 2054
Assumption
Assumption + second
$3,484/mo
+$306/mo- Down payment
- $22,801
- Funds due
- $36,059
- Interest + MI left
- $603,276
- First ends
- Jun 2054
New loan
New conventional
$3,302/mo
+$124/mo- Down payment
- $22,801
- Funds due
- $32,781
- Interest + MI left
- $625,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,199 | $396,199 | $426,199 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,661.92 | $2,661.92 | $2,887.22 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $186.76 | $186.76 | $85.24 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $3,178.26 | $3,483.96 | $3,302.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,801
Closing costs & prepaids$13,258
Usable credit−$0
Total buyer cash needed$36,059
Earnest money paid−$0
Remaining funds due$36,059
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)$538.75
Prepaid interest, first (9 days)$666.27
Prepaid interest, second (9 days)$87.84
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$68,573Through Dec 2026
Assumption only · ends Jun 2054$523,224
Assumption + second · ends Jun 2054, second Jan 2057$603,276
New conventional · ends Jan 2057$625,475