Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,473/mo
Lowest payment- Down payment
- $154,960
- Funds due
- $169,970
- Interest + MI left
- $707,085
- First ends
- Oct 2054
Assumption
Assumption + second
$5,173/mo
+$700/mo- Down payment
- $67,960
- Funds due
- $84,242
- Interest + MI left
- $872,093
- First ends
- Oct 2054
New loan
New conventional
$5,054/mo
+$581/mo- Down payment
- $67,960
- Funds due
- $80,516
- Interest + MI left
- $920,617
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $520,040 | $520,040 | $607,040 |
| Second mortgage | — | $87,000 | — |
| First P&I | $3,500.08 | $3,500.08 | $4,203.02 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $243.83 | $243.83 | $121.41 |
| Taxes, insurance & HOA | $729.17 | $729.17 | $729.17 |
| Total housing payment | $4,473.08 | $5,173.10 | $5,053.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,960
Closing costs & prepaids$16,282
Usable credit−$0
Total buyer cash needed$84,242
Earnest money paid−$0
Remaining funds due$84,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$1,687.50
Prepaid interest, first (1 days)$98.17
Prepaid interest, second (1 days)$21.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.890%
Interest already paid$75,559Through Nov 2026
Assumption only · ends Oct 2054$707,085
Assumption + second · ends Oct 2054, second Dec 2056$872,093
New conventional · ends Dec 2056$920,617