Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,120/mo
Lowest payment- Down payment
- $61,431
- Funds due
- $73,209
- Interest + MI left
- $485,240
- First ends
- Nov 2054
Assumption
Assumption + second
$3,517/mo
+$397/mo- Down payment
- $22,431
- Funds due
- $35,485
- Interest + MI left
- $589,308
- First ends
- Nov 2054
New loan
New conventional
$3,483/mo
+$363/mo- Down payment
- $22,431
- Funds due
- $32,222
- Interest + MI left
- $643,136
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,569 | $383,569 | $422,569 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,466.93 | $2,466.93 | $2,925.78 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $180.01 | $180.01 | $84.51 |
| Taxes, insurance & HOA | $472.83 | $472.83 | $472.83 |
| Total housing payment | $3,119.77 | $3,517.18 | $3,483.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,431
Closing costs & prepaids$13,054
Usable credit−$0
Total buyer cash needed$35,485
Earnest money paid−$0
Remaining funds due$35,485
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$635.50
Initial HOA (3 months)$333.00
Prepaid interest, first (2 days)$135.35
Prepaid interest, second (2 days)$25.38
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 closing28 yrOf the original 30-year loan at 6.440%
Interest already paid$50,032Through Nov 2026
Assumption only · ends Nov 2054$485,240
Assumption + second · ends Nov 2054, second Dec 2056$589,308
New conventional · ends Dec 2056$643,136