Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,046/mo
Lowest payment- Down payment
- $100,604
- Funds due
- $112,356
- Interest + MI left
- $519,790
- First ends
- Jul 2054
Assumption
Assumption + second
$3,472/mo
+$426/mo- Down payment
- $47,604
- Funds due
- $60,632
- Interest + MI left
- $620,312
- First ends
- Jul 2054
New loan
New conventional
$3,320/mo
+$274/mo- Down payment
- $47,604
- Funds due
- $57,106
- Interest + MI left
- $640,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,396 | $369,396 | $422,396 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,561.60 | $2,561.60 | $2,924.58 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $173.48 | $173.48 | $84.48 |
| Taxes, insurance & HOA | $310.58 | $310.58 | $310.58 |
| Total housing payment | $3,045.67 | $3,472.12 | $3,319.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,604
Closing costs & prepaids$13,028
Usable credit−$0
Total buyer cash needed$60,632
Earnest money paid−$0
Remaining funds due$60,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$431.75
Prepaid interest, first (2 days)$145.13
Prepaid interest, second (2 days)$26.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 7.170%
Interest already paid$62,611Through Nov 2026
Assumption only · ends Jul 2054$519,790
Assumption + second · ends Jul 2054, second Dec 2056$620,312
New conventional · ends Dec 2056$640,507