Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,131/mo
Lowest payment- Down payment
- $119,375
- Funds due
- $131,473
- Interest + MI left
- $518,176
- First ends
- May 2054
Assumption
Assumption + second
$3,671/mo
+$539/mo- Down payment
- $52,375
- Funds due
- $65,739
- Interest + MI left
- $645,251
- First ends
- May 2054
New loan
New conventional
$3,595/mo
+$464/mo- Down payment
- $52,375
- Funds due
- $62,169
- Interest + MI left
- $701,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,625 | $395,625 | $462,625 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,645.21 | $2,645.21 | $3,203.12 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $186.54 | $186.54 | $92.52 |
| Taxes, insurance & HOA | $299.75 | $299.75 | $299.75 |
| Total housing payment | $3,131.50 | $3,670.60 | $3,595.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,375
Closing costs & prepaids$13,364
Usable credit−$0
Total buyer cash needed$65,739
Earnest money paid−$0
Remaining funds due$65,739
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$399.25
Prepaid interest, first (1 days)$73.38
Prepaid interest, second (1 days)$16.52
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 6 moOf the original 30-year loan at 6.770%
Interest already paid$67,981Through Nov 2026
Assumption only · ends May 2054$518,176
Assumption + second · ends May 2054, second Dec 2056$645,251
New conventional · ends Dec 2056$701,509