Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,200/mo
Lowest payment- Down payment
- $65,960
- Funds due
- $79,216
- Interest + MI left
- $685,832
- First ends
- Mar 2054
Assumption
Assumption + second
$4,566/mo
+$367/mo- Down payment
- $29,960
- Funds due
- $44,478
- Interest + MI left
- $781,894
- First ends
- Mar 2054
New loan
New conventional
$4,414/mo
+$214/mo- Down payment
- $29,960
- Funds due
- $41,132
- Interest + MI left
- $850,729
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $523,040 | $523,040 | $559,040 |
| Second mortgage | — | $36,000 | — |
| First P&I | $3,521.43 | $3,521.43 | $3,870.68 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $247.07 | $247.07 | $111.81 |
| Taxes, insurance & HOA | $431.08 | $431.08 | $431.08 |
| Total housing payment | $4,199.58 | $4,566.42 | $4,413.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,960
Closing costs & prepaids$14,518
Usable credit−$0
Total buyer cash needed$44,478
Earnest money paid−$0
Remaining funds due$44,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,890.00
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)$736.25
Initial HOA (3 months)$57.00
Prepaid interest, first (1 days)$97.73
Prepaid interest, second (1 days)$11.71
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 4 moOf the original 30-year loan at 6.820%
Interest already paid$96,669Through Nov 2026
Assumption only · ends Mar 2054$685,832
Assumption + second · ends Mar 2054, second Dec 2056$781,894
New conventional · ends Dec 2056$850,729