Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,919/mo
Lowest payment- Down payment
- $102,219
- Funds due
- $115,789
- Interest + MI left
- $624,264
- First ends
- Jan 2054
Assumption
Assumption + second
$4,314/mo
+$394/mo- Down payment
- $53,219
- Funds due
- $68,099
- Interest + MI left
- $717,200
- First ends
- Jan 2054
New loan
New conventional
$3,943/mo
+$23/mo- Down payment
- $53,219
- Funds due
- $64,483
- Interest + MI left
- $697,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,806 | $427,806 | $476,806 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,100.37 | $3,100.37 | $3,230.05 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | $201.84 | $201.84 | $95.36 |
| Taxes, insurance & HOA | $617.17 | $617.17 | $617.17 |
| Total housing payment | $3,919.37 | $4,313.64 | $3,942.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,219
Closing costs & prepaids$14,881
Usable credit−$0
Total buyer cash needed$68,099
Earnest money paid−$0
Remaining funds due$68,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.25
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)$1,351.50
Prepaid interest, first (5 days)$443.63
Prepaid interest, second (5 days)$60.41
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 1 moOf the original 30-year loan at 7.57%
Interest already paid$95,935Through Dec 2026
Assumption only · ends Jan 2054$624,264
Assumption + second · ends Jan 2054, second Jan 2057$717,200
New conventional · ends Jan 2057$697,169