Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,519/mo
Lowest payment- Down payment
- $192,455
- Funds due
- $205,879
- Interest + MI left
- $586,841
- First ends
- Mar 2054
Assumption
Assumption + second
$4,458/mo
+$939/mo- Down payment
- $64,455
- Funds due
- $79,185
- Interest + MI left
- $796,959
- First ends
- Mar 2054
New loan
New conventional
$4,394/mo
+$876/mo- Down payment
- $64,455
- Funds due
- $75,501
- Interest + MI left
- $872,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,545 | $447,545 | $575,545 |
| Second mortgage | — | $128,000 | — |
| First P&I | $3,013.15 | $3,013.15 | $3,984.96 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $211.41 | $211.41 | $115.11 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $3,518.56 | $4,457.78 | $4,394.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,455
Closing costs & prepaids$14,730
Usable credit−$0
Total buyer cash needed$79,185
Earnest money paid−$0
Remaining funds due$79,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$382.00
Prepaid interest, first (2 days)$167.25
Prepaid interest, second (2 days)$56.11
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 6.820%
Interest already paid$82,716Through Nov 2026
Assumption only · ends Mar 2054$586,841
Assumption + second · ends Mar 2054, second Dec 2056$796,959
New conventional · ends Dec 2056$872,853