Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,965/mo
Lowest payment- Down payment
- $195,472
- Funds due
- $210,597
- Interest + MI left
- $617,644
- First ends
- Mar 2054
Assumption
Assumption + second
$4,890/mo
+$925/mo- Down payment
- $69,472
- Funds due
- $86,096
- Interest + MI left
- $824,480
- First ends
- Mar 2054
New loan
New conventional
$4,794/mo
+$828/mo- Down payment
- $69,472
- Funds due
- $82,394
- Interest + MI left
- $900,004
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,528 | $489,528 | $615,528 |
| Second mortgage | — | $126,000 | — |
| First P&I | $3,232.86 | $3,232.86 | $4,169.80 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $231.77 | $231.77 | $123.11 |
| Taxes, insurance & HOA | $500.67 | $500.67 | $500.67 |
| Total housing payment | $3,965.29 | $4,889.84 | $4,793.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,472
Closing costs & prepaids$16,623
Usable credit−$0
Total buyer cash needed$86,096
Earnest money paid−$0
Remaining funds due$86,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,850.00
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)$822.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$797.86
Prepaid interest, second (9 days)$248.55
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 6.61%
Interest already paid$90,540Through Dec 2026
Assumption only · ends Mar 2054$617,644
Assumption + second · ends Mar 2054, second Jan 2057$824,480
New conventional · ends Jan 2057$900,004