Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,032/mo
Lowest payment- Down payment
- $173,995
- Funds due
- $190,802
- Interest + MI left
- $770,113
- First ends
- Mar 2054
Assumption
Assumption + second
$5,829/mo
+$797/mo- Down payment
- $74,995
- Funds due
- $93,101
- Interest + MI left
- $957,880
- First ends
- Mar 2054
New loan
New conventional
$5,642/mo
+$610/mo- Down payment
- $74,995
- Funds due
- $89,306
- Interest + MI left
- $1,022,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $575,005 | $575,005 | $674,005 |
| Second mortgage | — | $99,000 | — |
| First P&I | $3,919.96 | $3,919.96 | $4,666.67 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $271.42 | $271.42 | $134.80 |
| Taxes, insurance & HOA | $840.83 | $840.83 | $840.83 |
| Total housing payment | $5,032.21 | $5,828.78 | $5,642.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,995
Closing costs & prepaids$18,105
Usable credit−$0
Total buyer cash needed$93,101
Earnest money paid−$0
Remaining funds due$93,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,872.50
Prepaid interest, first (2 days)$218.97
Prepaid interest, second (2 days)$48.82
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 4 moOf the original 30-year loan at 6.950%
Interest already paid$108,258Through Nov 2026
Assumption only · ends Mar 2054$770,113
Assumption + second · ends Mar 2054, second Dec 2056$957,880
New conventional · ends Dec 2056$1,022,174