Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
Lowest payment- Down payment
- $54,073
- Funds due
- $66,002
- Interest + MI left
- $491,174
- First ends
- Mar 2054
Assumption
Assumption + second
$3,444/mo
+$326/mo- Down payment
- $22,073
- Funds due
- $35,345
- Interest + MI left
- $576,563
- First ends
- Mar 2054
New loan
New conventional
$3,252/mo
+$134/mo- Down payment
- $22,073
- Funds due
- $32,070
- Interest + MI left
- $598,578
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,927 | $375,927 | $407,927 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,533.63 | $2,533.63 | $2,763.44 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $177.76 | $177.76 | $81.59 |
| Taxes, insurance & HOA | $407.00 | $407.00 | $407.00 |
| Total housing payment | $3,118.39 | $3,444.47 | $3,252.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,073
Closing costs & prepaids$13,272
Usable credit−$0
Total buyer cash needed$35,345
Earnest money paid−$0
Remaining funds due$35,345
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Initial HOA (3 months)$255.00
Prepaid interest, first (9 days)$632.17
Prepaid interest, second (9 days)$93.70
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$71,691Through Dec 2026
Assumption only · ends Mar 2054$491,174
Assumption + second · ends Mar 2054, second Jan 2057$576,563
New conventional · ends Jan 2057$598,578