Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,434/mo
Lowest payment- Down payment
- $148,420
- Funds due
- $162,131
- Interest + MI left
- $540,894
- First ends
- Jun 2054
Assumption
Assumption + second
$4,174/mo
+$740/mo- Down payment
- $56,420
- Funds due
- $71,585
- Interest + MI left
- $715,385
- First ends
- Jun 2054
New loan
New conventional
$3,987/mo
+$553/mo- Down payment
- $56,420
- Funds due
- $67,965
- Interest + MI left
- $733,393
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,580 | $409,580 | $501,580 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,751.82 | $2,751.82 | $3,397.88 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $193.07 | $193.07 | $100.32 |
| Taxes, insurance & HOA | $488.83 | $488.83 | $488.83 |
| Total housing payment | $3,433.72 | $4,173.97 | $3,987.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,420
Closing costs & prepaids$15,164
Usable credit−$0
Total buyer cash needed$71,585
Earnest money paid−$0
Remaining funds due$71,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,580.00
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)$669.50
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$688.77
Prepaid interest, second (9 days)$204.16
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$70,889Through Dec 2026
Assumption only · ends Jun 2054$540,894
Assumption + second · ends Jun 2054, second Jan 2057$715,385
New conventional · ends Jan 2057$733,393