Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,208/mo
Lowest payment- Down payment
- $151,413
- Funds due
- $164,114
- Interest + MI left
- $526,508
- First ends
- Oct 2054
Assumption
Assumption + second
$3,981/mo
+$772/mo- Down payment
- $55,413
- Funds due
- $69,387
- Interest + MI left
- $708,586
- First ends
- Oct 2054
New loan
New conventional
$3,904/mo
+$695/mo- Down payment
- $55,413
- Funds due
- $65,786
- Interest + MI left
- $748,558
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,587 | $397,587 | $493,587 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,634.39 | $2,634.39 | $3,417.50 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $186.54 | $186.54 | $98.72 |
| Taxes, insurance & HOA | $387.42 | $387.42 | $387.42 |
| Total housing payment | $3,208.34 | $3,980.78 | $3,903.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,413
Closing costs & prepaids$13,974
Usable credit−$0
Total buyer cash needed$69,387
Earnest money paid−$0
Remaining funds due$69,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$467.25
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$73.31
Prepaid interest, second (1 days)$23.67
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 11 moOf the original 30-year loan at 6.730%
Interest already paid$56,447Through Nov 2026
Assumption only · ends Oct 2054$526,508
Assumption + second · ends Oct 2054, second Dec 2056$708,586
New conventional · ends Dec 2056$748,558