Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,398/mo
Lowest payment- Down payment
- $68,659
- Funds due
- $80,965
- Interest + MI left
- $501,816
- First ends
- Apr 2054
Assumption
Assumption + second
$3,867/mo
+$469/mo- Down payment
- $22,659
- Funds due
- $36,230
- Interest + MI left
- $624,562
- First ends
- Apr 2054
New loan
New conventional
$3,698/mo
+$300/mo- Down payment
- $22,659
- Funds due
- $32,955
- Interest + MI left
- $650,399
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $381,341 | $381,341 | $427,341 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,564.75 | $2,564.75 | $2,958.82 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $179.95 | $179.95 | $85.47 |
| Taxes, insurance & HOA | $653.50 | $653.50 | $653.50 |
| Total housing payment | $3,398.20 | $3,866.94 | $3,697.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,659
Closing costs & prepaids$13,572
Usable credit−$0
Total buyer cash needed$36,230
Earnest money paid−$0
Remaining funds due$36,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$1,510.50
Prepaid interest, first (1 days)$71.25
Prepaid interest, second (1 days)$14.97
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 5 moOf the original 30-year loan at 6.820%
Interest already paid$68,240Through Nov 2026
Assumption only · ends Apr 2054$501,816
Assumption + second · ends Apr 2054, second Dec 2056$624,562
New conventional · ends Dec 2056$650,399