Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,770/mo
Lowest payment- Down payment
- $171,279
- Funds due
- $185,377
- Interest + MI left
- $562,157
- First ends
- Mar 2054
Assumption
Assumption + second
$4,584/mo
+$814/mo- Down payment
- $60,279
- Funds due
- $75,652
- Interest + MI left
- $744,369
- First ends
- Mar 2054
New loan
New conventional
$4,526/mo
+$756/mo- Down payment
- $60,279
- Funds due
- $72,004
- Interest + MI left
- $818,523
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,721 | $428,721 | $539,721 |
| Second mortgage | — | $111,000 | — |
| First P&I | $2,886.41 | $2,886.41 | $3,736.92 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $202.51 | $202.51 | $107.94 |
| Taxes, insurance & HOA | $681.08 | $681.08 | $681.08 |
| Total housing payment | $3,770.01 | $4,584.49 | $4,525.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,279
Closing costs & prepaids$15,373
Usable credit−$0
Total buyer cash needed$75,652
Earnest money paid−$0
Remaining funds due$75,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$643.25
Initial HOA (3 months)$900.00
Prepaid interest, first (1 days)$80.11
Prepaid interest, second (1 days)$24.33
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$79,237Through Nov 2026
Assumption only · ends Mar 2054$562,157
Assumption + second · ends Mar 2054, second Dec 2056$744,369
New conventional · ends Dec 2056$818,523