Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,077/mo
Lowest payment- Down payment
- $53,679
- Funds due
- $64,922
- Interest + MI left
- $493,449
- First ends
- Mar 2054
Assumption
Assumption + second
$3,404/mo
+$326/mo- Down payment
- $21,679
- Funds due
- $34,183
- Interest + MI left
- $578,838
- First ends
- Mar 2054
New loan
New conventional
$3,275/mo
+$197/mo- Down payment
- $21,679
- Funds due
- $30,918
- Interest + MI left
- $621,451
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,321 | $376,321 | $408,321 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,533.63 | $2,533.63 | $2,827.13 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $177.76 | $177.76 | $81.66 |
| Taxes, insurance & HOA | $366.08 | $366.08 | $366.08 |
| Total housing payment | $3,077.47 | $3,403.55 | $3,274.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,679
Closing costs & prepaids$12,504
Usable credit−$0
Total buyer cash needed$34,183
Earnest money paid−$0
Remaining funds due$34,183
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$393.25
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$70.32
Prepaid interest, second (1 days)$10.41
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$69,553Through Nov 2026
Assumption only · ends Mar 2054$493,449
Assumption + second · ends Mar 2054, second Dec 2056$578,838
New conventional · ends Dec 2056$621,451