Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,469/mo
Lowest payment- Down payment
- $115,996
- Funds due
- $129,344
- Interest + MI left
- $554,177
- First ends
- Apr 2054
Assumption
Assumption + second
$3,952/mo
+$483/mo- Down payment
- $55,996
- Funds due
- $70,727
- Interest + MI left
- $667,976
- First ends
- Apr 2054
New loan
New conventional
$3,832/mo
+$363/mo- Down payment
- $55,996
- Funds due
- $67,146
- Interest + MI left
- $722,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,004 | $434,004 | $494,004 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,877.04 | $2,877.04 | $3,346.56 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $205.20 | $205.20 | $98.80 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $3,468.90 | $3,951.68 | $3,832.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,996
Closing costs & prepaids$14,731
Usable credit−$0
Total buyer cash needed$70,727
Earnest money paid−$0
Remaining funds due$70,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (9 days)$712.72
Prepaid interest, second (9 days)$133.15
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 4 moOf the original 30-year loan at 6.66%
Interest already paid$78,369Through Dec 2026
Assumption only · ends Apr 2054$554,177
Assumption + second · ends Apr 2054, second Jan 2057$667,976
New conventional · ends Jan 2057$722,217