Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,044/mo
Lowest payment- Down payment
- $174,233
- Funds due
- $187,177
- Interest + MI left
- $504,551
- First ends
- Jan 2054
Assumption
Assumption + second
$3,939/mo
+$895/mo- Down payment
- $52,233
- Funds due
- $66,668
- Interest + MI left
- $704,821
- First ends
- Jan 2054
New loan
New conventional
$3,637/mo
+$593/mo- Down payment
- $52,233
- Funds due
- $63,038
- Interest + MI left
- $683,953
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,767 | $345,767 | $467,767 |
| Second mortgage | — | $122,000 | — |
| First P&I | $2,505.82 | $2,505.82 | $3,168.82 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $163.14 | $163.14 | $93.55 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $3,043.62 | $3,938.81 | $3,637.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,233
Closing costs & prepaids$14,435
Usable credit−$0
Total buyer cash needed$66,668
Earnest money paid−$0
Remaining funds due$66,668
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Prepaid interest, first (9 days)$645.40
Prepaid interest, second (9 days)$240.66
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 1 moOf the original 30-year loan at 7.57%
Interest already paid$77,538Through Dec 2026
Assumption only · ends Jan 2054$504,551
Assumption + second · ends Jan 2054, second Jan 2057$704,821
New conventional · ends Jan 2057$683,953