Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,456/mo
Lowest payment- Down payment
- $155,580
- Funds due
- $168,677
- Interest + MI left
- $569,946
- First ends
- Jun 2054
Assumption
Assumption + second
$4,228/mo
+$772/mo- Down payment
- $59,580
- Funds due
- $73,974
- Interest + MI left
- $752,023
- First ends
- Jun 2054
New loan
New conventional
$4,151/mo
+$695/mo- Down payment
- $59,580
- Funds due
- $70,337
- Interest + MI left
- $812,000
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,420 | $439,420 | $535,420 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,912.18 | $2,912.18 | $3,707.14 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $207.06 | $207.06 | $107.08 |
| Taxes, insurance & HOA | $336.75 | $336.75 | $336.75 |
| Total housing payment | $3,455.99 | $4,228.43 | $4,150.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,580
Closing costs & prepaids$14,394
Usable credit−$0
Total buyer cash needed$73,974
Earnest money paid−$0
Remaining funds due$73,974
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$510.25
Prepaid interest, first (2 days)$161.08
Prepaid interest, second (2 days)$47.34
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 7 moOf the original 30-year loan at 6.690%
Interest already paid$72,103Through Nov 2026
Assumption only · ends Jun 2054$569,946
Assumption + second · ends Jun 2054, second Dec 2056$752,023
New conventional · ends Dec 2056$812,000