Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,858/mo
Lowest payment- Down payment
- $194,939
- Funds due
- $209,032
- Interest + MI left
- $620,519
- First ends
- Mar 2054
Assumption
Assumption + second
$4,782/mo
+$925/mo- Down payment
- $68,939
- Funds due
- $84,310
- Interest + MI left
- $827,354
- First ends
- Mar 2054
New loan
New conventional
$4,782/mo
+$924/mo- Down payment
- $68,939
- Funds due
- $80,579
- Interest + MI left
- $934,298
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $490,061 | $490,061 | $616,061 |
| Second mortgage | — | $126,000 | — |
| First P&I | $3,232.86 | $3,232.86 | $4,265.48 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $231.77 | $231.77 | $123.21 |
| Taxes, insurance & HOA | $393.08 | $393.08 | $393.08 |
| Total housing payment | $3,857.71 | $4,782.25 | $4,781.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,939
Closing costs & prepaids$15,371
Usable credit−$0
Total buyer cash needed$84,310
Earnest money paid−$0
Remaining funds due$84,310
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,850.00
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)$499.25
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$88.75
Prepaid interest, second (1 days)$27.62
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 6.610%
Interest already paid$87,841Through Nov 2026
Assumption only · ends Mar 2054$620,519
Assumption + second · ends Mar 2054, second Dec 2056$827,354
New conventional · ends Dec 2056$934,298