Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,983/mo
Lowest payment- Down payment
- $88,565
- Funds due
- $102,751
- Interest + MI left
- $604,018
- First ends
- Feb 2054
Assumption
Assumption + second
$4,233/mo
+$249/mo- Down payment
- $57,565
- Funds due
- $73,070
- Interest + MI left
- $662,813
- First ends
- Feb 2054
New loan
New conventional
$4,146/mo
+$163/mo- Down payment
- $57,565
- Funds due
- $69,498
- Interest + MI left
- $747,803
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $480,435 | $480,435 | $511,435 |
| Second mortgage | — | $31,000 | — |
| First P&I | $3,176.29 | $3,176.29 | $3,464.64 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $227.71 | $227.71 | $102.29 |
| Taxes, insurance & HOA | $579.25 | $579.25 | $579.25 |
| Total housing payment | $3,983.25 | $4,232.69 | $4,146.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,565
Closing costs & prepaids$15,505
Usable credit−$0
Total buyer cash needed$73,070
Earnest money paid−$0
Remaining funds due$73,070
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,690.00
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)$682.75
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$783.04
Prepaid interest, second (9 days)$68.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2 moOf the original 30-year loan at 6.61%
Interest already paid$91,605Through Dec 2026
Assumption only · ends Feb 2054$604,018
Assumption + second · ends Feb 2054, second Jan 2057$662,813
New conventional · ends Jan 2057$747,803