Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,966/mo
Lowest payment- Down payment
- $76,658
- Funds due
- $90,606
- Interest + MI left
- $646,867
- First ends
- Nov 2054
Assumption
Assumption + second
$4,445/mo
+$479/mo- Down payment
- $29,658
- Funds due
- $44,994
- Interest + MI left
- $772,282
- First ends
- Nov 2054
New loan
New conventional
$4,308/mo
+$342/mo- Down payment
- $29,658
- Funds due
- $41,678
- Interest + MI left
- $814,267
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,842 | $507,842 | $554,842 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,289.28 | $3,289.28 | $3,758.69 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $238.52 | $238.52 | $110.97 |
| Taxes, insurance & HOA | $438.00 | $438.00 | $438.00 |
| Total housing payment | $3,965.80 | $4,444.73 | $4,307.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,658
Closing costs & prepaids$15,336
Usable credit−$0
Total buyer cash needed$44,994
Earnest money paid−$0
Remaining funds due$44,994
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,845.00
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)$701.50
Initial HOA (3 months)$112.50
Prepaid interest, first (9 days)$813.94
Prepaid interest, second (9 days)$137.62
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 6.5%
Interest already paid$69,674Through Dec 2026
Assumption only · ends Nov 2054$646,867
Assumption + second · ends Nov 2054, second Jan 2057$772,282
New conventional · ends Jan 2057$814,267