Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,796/mo
Lowest payment- Down payment
- $171,729
- Funds due
- $186,544
- Interest + MI left
- $559,566
- First ends
- Mar 2054
Assumption
Assumption + second
$4,610/mo
+$814/mo- Down payment
- $60,729
- Funds due
- $77,013
- Interest + MI left
- $741,779
- First ends
- Mar 2054
New loan
New conventional
$4,468/mo
+$672/mo- Down payment
- $60,729
- Funds due
- $73,371
- Interest + MI left
- $788,503
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $428,271 | $428,271 | $539,271 |
| Second mortgage | — | $111,000 | — |
| First P&I | $2,886.41 | $2,886.41 | $3,653.21 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $202.51 | $202.51 | $107.85 |
| Taxes, insurance & HOA | $706.67 | $706.67 | $706.67 |
| Total housing payment | $3,795.59 | $4,610.07 | $4,467.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,729
Closing costs & prepaids$16,284
Usable credit−$0
Total buyer cash needed$77,013
Earnest money paid−$0
Remaining funds due$77,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$720.00
Initial HOA (3 months)$900.00
Prepaid interest, first (9 days)$720.20
Prepaid interest, second (9 days)$218.96
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$81,674Through Dec 2026
Assumption only · ends Mar 2054$559,566
Assumption + second · ends Mar 2054, second Jan 2057$741,779
New conventional · ends Jan 2057$788,503