Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,551/mo
Lowest payment- Down payment
- $153,556
- Funds due
- $167,143
- Interest + MI left
- $540,154
- First ends
- May 2054
Assumption
Assumption + second
$4,323/mo
+$772/mo- Down payment
- $57,556
- Funds due
- $72,440
- Interest + MI left
- $722,231
- First ends
- May 2054
New loan
New conventional
$4,256/mo
+$705/mo- Down payment
- $57,556
- Funds due
- $68,824
- Interest + MI left
- $784,739
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,444 | $421,444 | $517,444 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,782.37 | $2,782.37 | $3,582.68 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $198.85 | $198.85 | $103.49 |
| Taxes, insurance & HOA | $569.50 | $569.50 | $569.50 |
| Total housing payment | $3,550.72 | $4,323.16 | $4,255.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,556
Closing costs & prepaids$14,884
Usable credit−$0
Total buyer cash needed$72,440
Earnest money paid−$0
Remaining funds due$72,440
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$1,208.50
Prepaid interest, first (2 days)$153.34
Prepaid interest, second (2 days)$47.34
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 6 moOf the original 30-year loan at 6.640%
Interest already paid$71,053Through Nov 2026
Assumption only · ends May 2054$540,154
Assumption + second · ends May 2054, second Dec 2056$722,231
New conventional · ends Dec 2056$784,739