Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,723/mo
Lowest payment- Down payment
- $101,185
- Funds due
- $112,298
- Interest + MI left
- $455,350
- First ends
- Sep 2054
Assumption
Assumption + second
$3,181/mo
+$459/mo- Down payment
- $44,185
- Funds due
- $56,562
- Interest + MI left
- $563,458
- First ends
- Sep 2054
New loan
New conventional
$3,088/mo
+$366/mo- Down payment
- $44,185
- Funds due
- $53,071
- Interest + MI left
- $591,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,815 | $332,815 | $389,815 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,255.28 | $2,255.28 | $2,699.00 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $156.16 | $156.16 | $77.96 |
| Taxes, insurance & HOA | $311.33 | $311.33 | $311.33 |
| Total housing payment | $2,722.77 | $3,181.41 | $3,088.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,185
Closing costs & prepaids$12,376
Usable credit−$0
Total buyer cash needed$56,562
Earnest money paid−$0
Remaining funds due$56,562
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,340.00
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)$259.00
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$63.37
Prepaid interest, second (1 days)$14.05
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$50,748Through Nov 2026
Assumption only · ends Sep 2054$455,350
Assumption + second · ends Sep 2054, second Dec 2056$563,458
New conventional · ends Dec 2056$591,103