Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,343/mo
Lowest payment- Down payment
- $68,041
- Funds due
- $81,862
- Interest + MI left
- $687,639
- First ends
- Jul 2054
Assumption
Assumption + second
$4,741/mo
+$397/mo- Down payment
- $29,041
- Funds due
- $44,125
- Interest + MI left
- $791,706
- First ends
- Jul 2054
New loan
New conventional
$4,575/mo
+$231/mo- Down payment
- $29,041
- Funds due
- $40,787
- Interest + MI left
- $838,542
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $511,959 | $511,959 | $550,959 |
| Second mortgage | — | $39,000 | — |
| First P&I | $3,452.66 | $3,452.66 | $3,814.73 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $240.77 | $240.77 | $110.19 |
| Taxes, insurance & HOA | $650.00 | $650.00 | $650.00 |
| Total housing payment | $4,343.43 | $4,740.84 | $4,574.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,041
Closing costs & prepaids$15,084
Usable credit−$0
Total buyer cash needed$44,125
Earnest money paid−$0
Remaining funds due$44,125
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$1,450.00
Prepaid interest, first (1 days)$96.50
Prepaid interest, second (1 days)$12.69
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 8 moOf the original 30-year loan at 6.880%
Interest already paid$83,325Through Nov 2026
Assumption only · ends Jul 2054$687,639
Assumption + second · ends Jul 2054, second Dec 2056$791,706
New conventional · ends Dec 2056$838,542