Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,038/mo
Lowest payment- Down payment
- $77,000
- Funds due
- $88,502
- Interest + MI left
- $519,338
- First ends
- Jul 2054
Assumption
Assumption + second
$3,288/mo
+$249/mo- Down payment
- $46,000
- Funds due
- $58,768
- Interest + MI left
- $578,134
- First ends
- Jul 2054
New loan
New conventional
$3,209/mo
+$171/mo- Down payment
- $46,000
- Funds due
- $55,265
- Interest + MI left
- $627,707
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,900 | $382,900 | $413,900 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,597.31 | $2,597.31 | $2,865.76 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $180.02 | $180.02 | $82.78 |
| Taxes, insurance & HOA | $260.92 | $260.92 | $260.92 |
| Total housing payment | $3,038.24 | $3,287.68 | $3,209.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,000
Closing costs & prepaids$12,768
Usable credit−$0
Total buyer cash needed$58,768
Earnest money paid−$0
Remaining funds due$58,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$282.75
Prepaid interest, first (2 days)$145.61
Prepaid interest, second (2 days)$15.29
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 8 moOf the original 30-year loan at 6.940%
Interest already paid$62,854Through Nov 2026
Assumption only · ends Jul 2054$519,338
Assumption + second · ends Jul 2054, second Dec 2056$578,134
New conventional · ends Dec 2056$627,707