Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,632/mo
Lowest payment- Down payment
- $68,012
- Funds due
- $80,690
- Interest + MI left
- $579,065
- First ends
- Sep 2054
Assumption
Assumption + second
$4,050/mo
+$418/mo- Down payment
- $27,012
- Funds due
- $40,954
- Interest + MI left
- $688,469
- First ends
- Sep 2054
New loan
New conventional
$4,005/mo
+$373/mo- Down payment
- $27,012
- Funds due
- $37,640
- Interest + MI left
- $757,822
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,988 | $456,988 | $497,988 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,960.10 | $2,960.10 | $3,447.97 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $214.87 | $214.87 | $99.60 |
| Taxes, insurance & HOA | $457.33 | $457.33 | $457.33 |
| Total housing payment | $3,632.31 | $4,050.10 | $4,004.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,012
Closing costs & prepaids$13,942
Usable credit−$0
Total buyer cash needed$40,954
Earnest money paid−$0
Remaining funds due$40,954
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$599.00
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$81.26
Prepaid interest, second (1 days)$13.34
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 10 moOf the original 30-year loan at 6.490%
Interest already paid$65,143Through Nov 2026
Assumption only · ends Sep 2054$579,065
Assumption + second · ends Sep 2054, second Dec 2056$688,469
New conventional · ends Dec 2056$757,822