Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,923/mo
Lowest payment- Down payment
- $124,584
- Funds due
- $137,965
- Interest + MI left
- $647,659
- First ends
- Apr 2054
Assumption
Assumption + second
$4,414/mo
+$491/mo- Down payment
- $63,584
- Funds due
- $78,230
- Interest + MI left
- $763,354
- First ends
- Apr 2054
New loan
New conventional
$4,373/mo
+$449/mo- Down payment
- $63,584
- Funds due
- $74,552
- Interest + MI left
- $859,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $505,416 | $505,416 | $566,416 |
| Second mortgage | — | $61,000 | — |
| First P&I | $3,346.85 | $3,346.85 | $3,921.75 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $238.70 | $238.70 | $113.28 |
| Taxes, insurance & HOA | $337.92 | $337.92 | $337.92 |
| Total housing payment | $3,923.47 | $4,414.29 | $4,372.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,584
Closing costs & prepaids$14,646
Usable credit−$0
Total buyer cash needed$78,230
Earnest money paid−$0
Remaining funds due$78,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,300.00
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)$513.75
Prepaid interest, first (1 days)$92.22
Prepaid interest, second (1 days)$15.04
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 5 moOf the original 30-year loan at 6.660%
Interest already paid$88,361Through Nov 2026
Assumption only · ends Apr 2054$647,659
Assumption + second · ends Apr 2054, second Dec 2056$763,354
New conventional · ends Dec 2056$859,008