Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,431/mo
Lowest payment- Down payment
- $115,530
- Funds due
- $128,210
- Interest + MI left
- $556,745
- First ends
- Apr 2054
Assumption
Assumption + second
$3,914/mo
+$483/mo- Down payment
- $55,530
- Funds due
- $69,489
- Interest + MI left
- $670,544
- First ends
- Apr 2054
New loan
New conventional
$3,871/mo
+$440/mo- Down payment
- $55,530
- Funds due
- $65,896
- Interest + MI left
- $749,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,470 | $434,470 | $494,470 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,877.04 | $2,877.04 | $3,423.61 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $205.20 | $205.20 | $98.89 |
| Taxes, insurance & HOA | $348.58 | $348.58 | $348.58 |
| Total housing payment | $3,430.82 | $3,913.59 | $3,871.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,530
Closing costs & prepaids$13,959
Usable credit−$0
Total buyer cash needed$69,489
Earnest money paid−$0
Remaining funds due$69,489
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$545.75
Prepaid interest, first (2 days)$158.55
Prepaid interest, second (2 days)$29.59
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 5 moOf the original 30-year loan at 6.660%
Interest already paid$75,958Through Nov 2026
Assumption only · ends Apr 2054$556,745
Assumption + second · ends Apr 2054, second Dec 2056$670,544
New conventional · ends Dec 2056$749,897