Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,961/mo
Lowest payment- Down payment
- $88,038
- Funds due
- $101,461
- Interest + MI left
- $606,837
- First ends
- Feb 2054
Assumption
Assumption + second
$4,210/mo
+$249/mo- Down payment
- $57,038
- Funds due
- $71,718
- Interest + MI left
- $665,633
- First ends
- Feb 2054
New loan
New conventional
$4,204/mo
+$243/mo- Down payment
- $57,038
- Funds due
- $68,107
- Interest + MI left
- $776,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $480,962 | $480,962 | $511,962 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,176.29 | $3,176.29 | $3,544.72 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $227.71 | $227.71 | $102.39 |
| Taxes, insurance & HOA | $556.92 | $556.92 | $556.92 |
| Total housing payment | $3,960.92 | $4,210.35 | $4,204.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,038
Closing costs & prepaids$14,680
Usable credit−$0
Total buyer cash needed$71,718
Earnest money paid−$0
Remaining funds due$71,718
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$615.75
Initial HOA (3 months)$555.00
Prepaid interest, first (1 days)$87.10
Prepaid interest, second (1 days)$7.64
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 3 moOf the original 30-year loan at 6.610%
Interest already paid$88,956Through Nov 2026
Assumption only · ends Feb 2054$606,837
Assumption + second · ends Feb 2054, second Dec 2056$665,633
New conventional · ends Dec 2056$776,425