Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,190/mo
Lowest payment- Down payment
- $66,509
- Funds due
- $80,516
- Interest + MI left
- $682,671
- First ends
- Mar 2054
Assumption
Assumption + second
$4,567/mo
+$377/mo- Down payment
- $29,509
- Funds due
- $44,875
- Interest + MI left
- $781,402
- First ends
- Mar 2054
New loan
New conventional
$4,323/mo
+$134/mo- Down payment
- $29,509
- Funds due
- $41,533
- Interest + MI left
- $821,090
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $522,491 | $522,491 | $559,491 |
| Second mortgage | — | $37,000 | — |
| First P&I | $3,521.43 | $3,521.43 | $3,790.19 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $247.07 | $247.07 | $111.90 |
| Taxes, insurance & HOA | $421.25 | $421.25 | $421.25 |
| Total housing payment | $4,189.74 | $4,566.77 | $4,323.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,509
Closing costs & prepaids$15,366
Usable credit−$0
Total buyer cash needed$44,875
Earnest money paid−$0
Remaining funds due$44,875
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,890.00
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)$706.75
Initial HOA (3 months)$57.00
Prepaid interest, first (9 days)$878.64
Prepaid interest, second (9 days)$108.34
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 3 moOf the original 30-year loan at 6.82%
Interest already paid$99,642Through Dec 2026
Assumption only · ends Mar 2054$682,671
Assumption + second · ends Mar 2054, second Jan 2057$781,402
New conventional · ends Jan 2057$821,090