Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,188/mo
Lowest payment- Down payment
- $82,671
- Funds due
- $94,455
- Interest + MI left
- $548,730
- First ends
- Aug 2054
Assumption
Assumption + second
$3,462/mo
+$274/mo- Down payment
- $48,671
- Funds due
- $61,722
- Interest + MI left
- $613,215
- First ends
- Aug 2054
New loan
New conventional
$3,358/mo
+$170/mo- Down payment
- $48,671
- Funds due
- $58,190
- Interest + MI left
- $654,053
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,329 | $397,329 | $431,329 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,715.99 | $2,715.99 | $2,986.43 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $186.54 | $186.54 | $86.27 |
| Taxes, insurance & HOA | $285.42 | $285.42 | $285.42 |
| Total housing payment | $3,187.94 | $3,461.52 | $3,358.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,671
Closing costs & prepaids$13,051
Usable credit−$0
Total buyer cash needed$61,722
Earnest money paid−$0
Remaining funds due$61,722
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$356.25
Prepaid interest, first (2 days)$153.05
Prepaid interest, second (2 days)$16.77
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 7.030%
Interest already paid$63,661Through Nov 2026
Assumption only · ends Aug 2054$548,730
Assumption + second · ends Aug 2054, second Dec 2056$613,215
New conventional · ends Dec 2056$654,053