Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,171/mo
Lowest payment- Down payment
- $100,393
- Funds due
- $114,301
- Interest + MI left
- $668,464
- First ends
- Aug 2054
Assumption
Assumption + second
$4,509/mo
+$338/mo- Down payment
- $58,393
- Funds due
- $73,572
- Interest + MI left
- $748,123
- First ends
- Aug 2054
New loan
New conventional
$4,364/mo
+$193/mo- Down payment
- $58,393
- Funds due
- $69,943
- Interest + MI left
- $790,749
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $479,407 | $479,407 | $521,407 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,295.98 | $3,295.98 | $3,610.12 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $225.02 | $225.02 | $104.28 |
| Taxes, insurance & HOA | $649.83 | $649.83 | $649.83 |
| Total housing payment | $4,170.83 | $4,508.77 | $4,364.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,393
Closing costs & prepaids$15,179
Usable credit−$0
Total buyer cash needed$73,572
Earnest money paid−$0
Remaining funds due$73,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,798.00
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)$1,449.50
Prepaid interest, first (2 days)$186.25
Prepaid interest, second (2 days)$20.71
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 9 moOf the original 30-year loan at 7.090%
Interest already paid$77,456Through Nov 2026
Assumption only · ends Aug 2054$668,464
Assumption + second · ends Aug 2054, second Dec 2056$748,123
New conventional · ends Dec 2056$790,749