Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,840/mo
Lowest payment- Down payment
- $77,136
- Funds due
- $90,259
- Interest + MI left
- $609,780
- First ends
- Sep 2054
Assumption
Assumption + second
$4,350/mo
+$510/mo- Down payment
- $27,136
- Funds due
- $41,525
- Interest + MI left
- $743,200
- First ends
- Sep 2054
New loan
New conventional
$4,151/mo
+$310/mo- Down payment
- $27,136
- Funds due
- $38,203
- Interest + MI left
- $757,633
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,864 | $447,864 | $497,864 |
| Second mortgage | — | $50,000 | — |
| First P&I | $3,026.09 | $3,026.09 | $3,447.11 |
| Second P&I | — | $509.50 | — |
| Mortgage insurance | $210.16 | $210.16 | $99.57 |
| Taxes, insurance & HOA | $604.17 | $604.17 | $604.17 |
| Total housing payment | $3,840.42 | $4,349.92 | $4,150.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,136
Closing costs & prepaids$14,389
Usable credit−$0
Total buyer cash needed$41,525
Earnest money paid−$0
Remaining funds due$41,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$1,312.50
Prepaid interest, first (1 days)$84.91
Prepaid interest, second (1 days)$16.27
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$68,001Through Nov 2026
Assumption only · ends Sep 2054$609,780
Assumption + second · ends Sep 2054, second Dec 2056$743,200
New conventional · ends Dec 2056$757,633