Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,993/mo
Lowest payment- Down payment
- $76,651
- Funds due
- $89,723
- Interest + MI left
- $685,075
- First ends
- Oct 2054
Assumption
Assumption + second
$4,472/mo
+$479/mo- Down payment
- $29,651
- Funds due
- $44,004
- Interest + MI left
- $810,490
- First ends
- Oct 2054
New loan
New conventional
$4,326/mo
+$333/mo- Down payment
- $29,651
- Funds due
- $40,664
- Interest + MI left
- $852,376
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $513,049 | $513,049 | $560,049 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,416.14 | $3,416.14 | $3,877.67 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $240.66 | $240.66 | $112.01 |
| Taxes, insurance & HOA | $336.66 | $336.66 | $336.66 |
| Total housing payment | $3,993.47 | $4,472.40 | $4,326.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,651
Closing costs & prepaids$14,353
Usable credit−$0
Total buyer cash needed$44,004
Earnest money paid−$0
Remaining funds due$44,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,897.00
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)$422.00
Initial HOA (3 months)$87.99
Prepaid interest, first (2 days)$190.60
Prepaid interest, second (2 days)$30.58
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 11 moOf the original 30-year loan at 6.780%
Interest already paid$73,372Through Nov 2026
Assumption only · ends Oct 2054$685,075
Assumption + second · ends Oct 2054, second Dec 2056$810,490
New conventional · ends Dec 2056$852,376