Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,390/mo
Lowest payment- Down payment
- $102,764
- Funds due
- $115,860
- Interest + MI left
- $500,871
- First ends
- Apr 2054
Assumption
Assumption + second
$3,808/mo
+$418/mo- Down payment
- $50,764
- Funds due
- $65,174
- Interest + MI left
- $599,497
- First ends
- Apr 2054
New loan
New conventional
$3,717/mo
+$327/mo- Down payment
- $50,764
- Funds due
- $61,635
- Interest + MI left
- $655,306
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,236 | $396,236 | $448,236 |
| Second mortgage | — | $52,000 | — |
| First P&I | $2,611.36 | $2,611.36 | $3,036.51 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $187.40 | $187.40 | $89.65 |
| Taxes, insurance & HOA | $590.83 | $590.83 | $590.83 |
| Total housing payment | $3,389.60 | $3,808.00 | $3,716.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,764
Closing costs & prepaids$14,410
Usable credit−$0
Total buyer cash needed$65,174
Earnest money paid−$0
Remaining funds due$65,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$1,272.50
Prepaid interest, first (5 days)$358.24
Prepaid interest, second (5 days)$64.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4 moOf the original 30-year loan at 6.6%
Interest already paid$70,918Through Dec 2026
Assumption only · ends Apr 2054$500,871
Assumption + second · ends Apr 2054, second Jan 2057$599,497
New conventional · ends Jan 2057$655,306