Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,168/mo
Lowest payment- Down payment
- $75,186
- Funds due
- $87,026
- Interest + MI left
- $505,211
- First ends
- Sep 2054
Assumption
Assumption + second
$3,409/mo
+$241/mo- Down payment
- $45,186
- Funds due
- $58,291
- Interest + MI left
- $562,110
- First ends
- Sep 2054
New loan
New conventional
$3,358/mo
+$190/mo- Down payment
- $45,186
- Funds due
- $54,797
- Interest + MI left
- $613,776
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,714 | $374,714 | $404,714 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,517.12 | $2,517.12 | $2,802.16 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $175.89 | $175.89 | $80.94 |
| Taxes, insurance & HOA | $474.92 | $474.92 | $474.92 |
| Total housing payment | $3,167.92 | $3,409.31 | $3,358.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,186
Closing costs & prepaids$13,104
Usable credit−$0
Total buyer cash needed$58,291
Earnest money paid−$0
Remaining funds due$58,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$974.75
Prepaid interest, first (2 days)$140.85
Prepaid interest, second (2 days)$14.79
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 10 moOf the original 30-year loan at 6.860%
Interest already paid$56,409Through Nov 2026
Assumption only · ends Sep 2054$505,211
Assumption + second · ends Sep 2054, second Dec 2056$562,110
New conventional · ends Dec 2056$613,776