Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,253/mo
Lowest payment- Down payment
- $78,513
- Funds due
- $93,960
- Interest + MI left
- $838,451
- First ends
- Jun 2054
Assumption
Assumption + second
$5,692/mo
+$438/mo- Down payment
- $35,513
- Funds due
- $52,238
- Interest + MI left
- $953,192
- First ends
- Jun 2054
New loan
New conventional
$5,475/mo
+$221/mo- Down payment
- $35,513
- Funds due
- $48,838
- Interest + MI left
- $1,009,502
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $620,375 | $620,375 | $663,375 |
| Second mortgage | — | $43,000 | — |
| First P&I | $4,212.37 | $4,212.37 | $4,593.07 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $291.96 | $291.96 | $132.67 |
| Taxes, insurance & HOA | $749.08 | $749.08 | $749.08 |
| Total housing payment | $5,253.42 | $5,691.59 | $5,474.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,513
Closing costs & prepaids$16,725
Usable credit−$0
Total buyer cash needed$52,238
Earnest money paid−$0
Remaining funds due$52,238
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,988.88
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)$1,747.25
Prepaid interest, first (2 days)$235.91
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 7 moOf the original 30-year loan at 6.940%
Interest already paid$105,529Through Nov 2026
Assumption only · ends Jun 2054$838,451
Assumption + second · ends Jun 2054, second Dec 2056$953,192
New conventional · ends Dec 2056$1,009,502