Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,389/mo
Lowest payment- Down payment
- $147,999
- Funds due
- $160,964
- Interest + MI left
- $543,376
- First ends
- Jun 2054
Assumption
Assumption + second
$4,130/mo
+$740/mo- Down payment
- $55,999
- Funds due
- $70,236
- Interest + MI left
- $717,867
- First ends
- Jun 2054
New loan
New conventional
$4,021/mo
+$631/mo- Down payment
- $55,999
- Funds due
- $66,629
- Interest + MI left
- $761,318
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $410,001 | $410,001 | $502,001 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,751.82 | $2,751.82 | $3,475.75 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $193.07 | $193.07 | $100.40 |
| Taxes, insurance & HOA | $444.42 | $444.42 | $444.42 |
| Total housing payment | $3,389.30 | $4,129.56 | $4,020.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,999
Closing costs & prepaids$14,238
Usable credit−$0
Total buyer cash needed$70,236
Earnest money paid−$0
Remaining funds due$70,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,580.00
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)$536.25
Initial HOA (3 months)$297.00
Prepaid interest, first (1 days)$76.61
Prepaid interest, second (1 days)$22.68
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$68,559Through Nov 2026
Assumption only · ends Jun 2054$543,376
Assumption + second · ends Jun 2054, second Dec 2056$717,867
New conventional · ends Dec 2056$761,318