Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,396/mo
Lowest payment- Down payment
- $68,080
- Funds due
- $80,060
- Interest + MI left
- $589,287
- First ends
- Oct 2054
Assumption
Assumption + second
$3,834/mo
+$438/mo- Down payment
- $25,080
- Funds due
- $38,338
- Interest + MI left
- $704,029
- First ends
- Oct 2054
New loan
New conventional
$3,661/mo
+$265/mo- Down payment
- $25,080
- Funds due
- $35,038
- Interest + MI left
- $721,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,289 | $431,289 | $474,289 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,911.23 | $2,911.23 | $3,283.88 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $202.19 | $202.19 | $94.86 |
| Taxes, insurance & HOA | $282.58 | $282.58 | $282.58 |
| Total housing payment | $3,396.00 | $3,834.17 | $3,661.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,080
Closing costs & prepaids$13,258
Usable credit−$0
Total buyer cash needed$38,338
Earnest money paid−$0
Remaining funds due$38,338
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,993.69
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)$347.75
Prepaid interest, first (2 days)$163.54
Prepaid interest, second (2 days)$27.98
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 11 moOf the original 30-year loan at 6.920%
Interest already paid$62,933Through Nov 2026
Assumption only · ends Oct 2054$589,287
Assumption + second · ends Oct 2054, second Dec 2056$704,029
New conventional · ends Dec 2056$721,852