Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,207/mo
Lowest payment- Down payment
- $56,317
- Funds due
- $68,231
- Interest + MI left
- $507,365
- First ends
- Aug 2054
Assumption
Assumption + second
$3,564/mo
+$357/mo- Down payment
- $21,317
- Funds due
- $34,538
- Interest + MI left
- $600,759
- First ends
- Aug 2054
New loan
New conventional
$3,327/mo
+$120/mo- Down payment
- $21,317
- Funds due
- $31,260
- Interest + MI left
- $592,431
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,683 | $368,683 | $403,683 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,522.64 | $2,522.64 | $2,734.69 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $173.26 | $173.26 | $80.74 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $3,207.15 | $3,563.80 | $3,326.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,317
Closing costs & prepaids$13,221
Usable credit−$0
Total buyer cash needed$34,538
Earnest money paid−$0
Remaining funds due$34,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,083.75
Prepaid interest, first (5 days)$355.05
Prepaid interest, second (5 days)$56.93
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 8 moOf the original 30-year loan at 7.03%
Interest already paid$61,291Through Dec 2026
Assumption only · ends Aug 2054$507,365
Assumption + second · ends Aug 2054, second Jan 2057$600,759
New conventional · ends Jan 2057$592,431