Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,162/mo
Lowest payment- Down payment
- $101,039
- Funds due
- $113,754
- Interest + MI left
- $494,064
- First ends
- Mar 2054
Assumption
Assumption + second
$3,573/mo
+$410/mo- Down payment
- $50,039
- Funds due
- $64,117
- Interest + MI left
- $590,792
- First ends
- Mar 2054
New loan
New conventional
$3,505/mo
+$343/mo- Down payment
- $50,039
- Funds due
- $60,610
- Interest + MI left
- $657,917
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,961 | $398,961 | $449,961 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,606.60 | $2,606.60 | $3,048.19 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $189.01 | $189.01 | $89.99 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $3,162.28 | $3,572.64 | $3,504.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,039
Closing costs & prepaids$14,078
Usable credit−$0
Total buyer cash needed$64,117
Earnest money paid−$0
Remaining funds due$64,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Prepaid interest, first (9 days)$639.43
Prepaid interest, second (9 days)$113.18
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 6.5%
Interest already paid$72,587Through Dec 2026
Assumption only · ends Mar 2054$494,064
Assumption + second · ends Mar 2054, second Jan 2057$590,792
New conventional · ends Jan 2057$657,917