Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,455/mo
Lowest payment- Down payment
- $120,225
- Funds due
- $135,400
- Interest + MI left
- $622,873
- First ends
- May 2054
Assumption
Assumption + second
$4,938/mo
+$483/mo- Down payment
- $60,225
- Funds due
- $76,665
- Interest + MI left
- $736,671
- First ends
- May 2054
New loan
New conventional
$4,864/mo
+$408/mo- Down payment
- $60,225
- Funds due
- $73,018
- Interest + MI left
- $810,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,775 | $474,775 | $534,775 |
| Second mortgage | — | $60,000 | — |
| First P&I | $3,177.50 | $3,177.50 | $3,702.67 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $223.85 | $223.85 | $106.96 |
| Taxes, insurance & HOA | $1,054.09 | $1,054.09 | $1,054.09 |
| Total housing payment | $4,455.44 | $4,938.21 | $4,863.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,225
Closing costs & prepaids$16,440
Usable credit−$0
Total buyer cash needed$76,665
Earnest money paid−$0
Remaining funds due$76,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$620.25
Initial HOA (3 months)$2,042.01
Prepaid interest, first (1 days)$88.19
Prepaid interest, second (1 days)$14.79
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$81,700Through Nov 2026
Assumption only · ends May 2054$622,873
Assumption + second · ends May 2054, second Dec 2056$736,671
New conventional · ends Dec 2056$810,915