Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,690/mo
Lowest payment- Down payment
- $64,473
- Funds due
- $78,846
- Interest + MI left
- $752,754
- First ends
- Jul 2054
Assumption
Assumption + second
$5,027/mo
+$336/mo- Down payment
- $31,473
- Funds due
- $47,118
- Interest + MI left
- $840,812
- First ends
- Jul 2054
New loan
New conventional
$4,836/mo
+$146/mo- Down payment
- $31,473
- Funds due
- $43,757
- Interest + MI left
- $887,992
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $550,527 | $550,527 | $583,527 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,752.41 | $3,752.41 | $4,040.22 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $258.77 | $258.77 | $116.71 |
| Taxes, insurance & HOA | $679.17 | $679.17 | $679.17 |
| Total housing payment | $4,690.34 | $5,026.61 | $4,836.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,473
Closing costs & prepaids$15,645
Usable credit−$0
Total buyer cash needed$47,118
Earnest money paid−$0
Remaining funds due$47,118
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,150.00
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)$1,537.50
Prepaid interest, first (2 days)$210.86
Prepaid interest, second (2 days)$21.47
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 6.990%
Interest already paid$91,009Through Nov 2026
Assumption only · ends Jul 2054$752,754
Assumption + second · ends Jul 2054, second Dec 2056$840,812
New conventional · ends Dec 2056$887,992