Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,419/mo
Lowest payment- Down payment
- $59,825
- Funds due
- $70,285
- Interest + MI left
- $376,080
- First ends
- Jun 2054
Assumption
Assumption + second
$2,620/mo
+$201/mo- Down payment
- $34,825
- Funds due
- $46,547
- Interest + MI left
- $423,496
- First ends
- Jun 2054
New loan
New conventional
$2,586/mo
+$167/mo- Down payment
- $34,825
- Funds due
- $43,156
- Interest + MI left
- $470,401
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,175 | $285,175 | $310,175 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,908.45 | $1,908.45 | $2,147.59 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $134.31 | $134.31 | $62.04 |
| Taxes, insurance & HOA | $376.17 | $376.17 | $376.17 |
| Total housing payment | $2,418.93 | $2,620.09 | $2,585.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,825
Closing costs & prepaids$11,722
Usable credit−$0
Total buyer cash needed$46,547
Earnest money paid−$0
Remaining funds due$46,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$439.50
Initial HOA (3 months)$239.01
Prepaid interest, first (2 days)$106.10
Prepaid interest, second (2 days)$12.33
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 7 moOf the original 30-year loan at 6.790%
Interest already paid$47,480Through Nov 2026
Assumption only · ends Jun 2054$376,080
Assumption + second · ends Jun 2054, second Dec 2056$423,496
New conventional · ends Dec 2056$470,401