Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,204/mo
Lowest payment- Down payment
- $119,788
- Funds due
- $132,691
- Interest + MI left
- $515,799
- First ends
- May 2054
Assumption
Assumption + second
$3,752/mo
+$547/mo- Down payment
- $51,788
- Funds due
- $66,092
- Interest + MI left
- $644,771
- First ends
- May 2054
New loan
New conventional
$3,603/mo
+$399/mo- Down payment
- $51,788
- Funds due
- $62,533
- Interest + MI left
- $677,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,212 | $395,212 | $463,212 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,645.21 | $2,645.21 | $3,137.96 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $186.54 | $186.54 | $92.64 |
| Taxes, insurance & HOA | $372.67 | $372.67 | $372.67 |
| Total housing payment | $3,204.42 | $3,751.56 | $3,603.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,788
Closing costs & prepaids$14,304
Usable credit−$0
Total buyer cash needed$66,092
Earnest money paid−$0
Remaining funds due$66,092
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Prepaid interest, first (9 days)$659.73
Prepaid interest, second (9 days)$150.90
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 5 moOf the original 30-year loan at 6.77%
Interest already paid$70,213Through Dec 2026
Assumption only · ends May 2054$515,799
Assumption + second · ends May 2054, second Jan 2057$644,771
New conventional · ends Jan 2057$677,293