Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,731/mo
Lowest payment- Down payment
- $66,746
- Funds due
- $79,614
- Interest + MI left
- $570,456
- First ends
- Mar 2054
Assumption
Assumption + second
$4,139/mo
+$408/mo- Down payment
- $26,746
- Funds due
- $40,877
- Interest + MI left
- $677,192
- First ends
- Mar 2054
New loan
New conventional
$4,032/mo
+$301/mo- Down payment
- $26,746
- Funds due
- $37,564
- Interest + MI left
- $743,009
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,254 | $448,254 | $488,254 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,965.73 | $2,965.73 | $3,380.57 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $211.96 | $211.96 | $97.65 |
| Taxes, insurance & HOA | $553.67 | $553.67 | $553.67 |
| Total housing payment | $3,731.35 | $4,138.95 | $4,031.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,746
Closing costs & prepaids$14,131
Usable credit−$0
Total buyer cash needed$40,877
Earnest money paid−$0
Remaining funds due$40,877
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$783.00
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$81.55
Prepaid interest, second (1 days)$13.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6.640%
Interest already paid$80,704Through Nov 2026
Assumption only · ends Mar 2054$570,456
Assumption + second · ends Mar 2054, second Dec 2056$677,192
New conventional · ends Dec 2056$743,009