Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,302/mo
Lowest payment- Down payment
- $67,521
- Funds due
- $80,267
- Interest + MI left
- $525,385
- First ends
- Nov 2054
Assumption
Assumption + second
$3,740/mo
+$438/mo- Down payment
- $24,521
- Funds due
- $38,643
- Interest + MI left
- $640,127
- First ends
- Nov 2054
New loan
New conventional
$3,613/mo
+$311/mo- Down payment
- $24,521
- Funds due
- $35,367
- Interest + MI left
- $668,339
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,469 | $412,469 | $455,469 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,671.56 | $2,671.56 | $3,085.51 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $193.72 | $193.72 | $91.09 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $3,301.95 | $3,740.12 | $3,613.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,521
Closing costs & prepaids$14,122
Usable credit−$0
Total buyer cash needed$38,643
Earnest money paid−$0
Remaining funds due$38,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.90
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)$576.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$661.08
Prepaid interest, second (9 days)$125.91
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$56,589Through Dec 2026
Assumption only · ends Nov 2054$525,385
Assumption + second · ends Nov 2054, second Jan 2057$640,127
New conventional · ends Jan 2057$668,339