Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,276/mo
Lowest payment- Down payment
- $65,509
- Funds due
- $79,541
- Interest + MI left
- $646,941
- First ends
- Oct 2054
Assumption
Assumption + second
$4,663/mo
+$387/mo- Down payment
- $27,509
- Funds due
- $42,803
- Interest + MI left
- $748,341
- First ends
- Oct 2054
New loan
New conventional
$4,544/mo
+$269/mo- Down payment
- $27,509
- Funds due
- $39,482
- Interest + MI left
- $795,214
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,491 | $484,491 | $522,491 |
| Second mortgage | — | $38,000 | — |
| First P&I | $3,225.99 | $3,225.99 | $3,617.62 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $227.27 | $227.27 | $104.50 |
| Taxes, insurance & HOA | $822.25 | $822.25 | $822.25 |
| Total housing payment | $4,275.50 | $4,662.72 | $4,544.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,509
Closing costs & prepaids$15,294
Usable credit−$0
Total buyer cash needed$42,803
Earnest money paid−$0
Remaining funds due$42,803
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$1,966.75
Prepaid interest, first (1 days)$90.00
Prepaid interest, second (1 days)$12.36
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 6.780%
Interest already paid$69,288Through Nov 2026
Assumption only · ends Oct 2054$646,941
Assumption + second · ends Oct 2054, second Dec 2056$748,341
New conventional · ends Dec 2056$795,214