Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,086/mo
Lowest payment- Down payment
- $61,839
- Funds due
- $73,989
- Interest + MI left
- $483,037
- First ends
- Nov 2054
Assumption
Assumption + second
$3,483/mo
+$397/mo- Down payment
- $22,839
- Funds due
- $36,354
- Interest + MI left
- $587,104
- First ends
- Nov 2054
New loan
New conventional
$3,383/mo
+$297/mo- Down payment
- $22,839
- Funds due
- $33,100
- Interest + MI left
- $619,464
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,161 | $383,161 | $422,161 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,466.93 | $2,466.93 | $2,859.87 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $180.01 | $180.01 | $84.43 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $3,085.94 | $3,483.35 | $3,383.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,839
Closing costs & prepaids$13,515
Usable credit−$0
Total buyer cash needed$36,354
Earnest money paid−$0
Remaining funds due$36,354
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$608.44
Prepaid interest, second (9 days)$114.20
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 11 moOf the original 30-year loan at 6.44%
Interest already paid$52,090Through Dec 2026
Assumption only · ends Nov 2054$483,037
Assumption + second · ends Nov 2054, second Jan 2057$587,104
New conventional · ends Jan 2057$619,464