Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,958/mo
Lowest payment- Down payment
- $65,808
- Funds due
- $77,565
- Interest + MI left
- $426,434
- First ends
- Nov 2054
Assumption
Assumption + second
$3,159/mo
+$201/mo- Down payment
- $40,808
- Funds due
- $53,821
- Interest + MI left
- $473,850
- First ends
- Nov 2054
New loan
New conventional
$3,200/mo
+$242/mo- Down payment
- $40,808
- Funds due
- $50,370
- Interest + MI left
- $544,667
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,192 | $334,192 | $359,192 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,160.12 | $2,160.12 | $2,486.97 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $156.80 | $156.80 | $71.84 |
| Taxes, insurance & HOA | $640.83 | $640.83 | $640.83 |
| Total housing payment | $2,957.75 | $3,158.91 | $3,199.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,808
Closing costs & prepaids$13,013
Usable credit−$0
Total buyer cash needed$53,821
Earnest money paid−$0
Remaining funds due$53,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$272.50
Initial HOA (3 months)$1,200.00
Prepaid interest, first (1 days)$59.42
Prepaid interest, second (1 days)$6.16
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 closing28 yrOf the original 30-year loan at 6.490%
Interest already paid$43,924Through Nov 2026
Assumption only · ends Nov 2054$426,434
Assumption + second · ends Nov 2054, second Dec 2056$473,850
New conventional · ends Dec 2056$544,667