Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,036/mo
Lowest payment- Down payment
- $100,596
- Funds due
- $112,435
- Interest + MI left
- $496,369
- First ends
- Mar 2054
Assumption
Assumption + second
$3,438/mo
+$402/mo- Down payment
- $50,596
- Funds due
- $63,709
- Interest + MI left
- $591,201
- First ends
- Mar 2054
New loan
New conventional
$3,442/mo
+$406/mo- Down payment
- $50,596
- Funds due
- $60,169
- Interest + MI left
- $681,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,404 | $399,404 | $449,404 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,606.60 | $2,606.60 | $3,111.58 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $189.01 | $189.01 | $89.88 |
| Taxes, insurance & HOA | $240.50 | $240.50 | $240.50 |
| Total housing payment | $3,036.11 | $3,438.42 | $3,441.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,596
Closing costs & prepaids$13,113
Usable credit−$0
Total buyer cash needed$63,709
Earnest money paid−$0
Remaining funds due$63,709
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$221.50
Prepaid interest, first (2 days)$142.25
Prepaid interest, second (2 days)$24.66
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 4 moOf the original 30-year loan at 6.500%
Interest already paid$70,423Through Nov 2026
Assumption only · ends Mar 2054$496,369
Assumption + second · ends Mar 2054, second Dec 2056$591,201
New conventional · ends Dec 2056$681,462