Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,250/mo
Lowest payment- Down payment
- $126,602
- Funds due
- $141,572
- Interest + MI left
- $667,331
- First ends
- May 2054
Assumption
Assumption + second
$4,741/mo
+$491/mo- Down payment
- $65,602
- Funds due
- $81,958
- Interest + MI left
- $783,026
- First ends
- May 2054
New loan
New conventional
$4,622/mo
+$373/mo- Down payment
- $65,602
- Funds due
- $78,296
- Interest + MI left
- $854,487
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $523,398 | $523,398 | $584,398 |
| Second mortgage | — | $61,000 | — |
| First P&I | $3,455.79 | $3,455.79 | $3,958.92 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $247.24 | $247.24 | $116.88 |
| Taxes, insurance & HOA | $546.67 | $546.67 | $546.67 |
| Total housing payment | $4,249.70 | $4,740.52 | $4,622.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,602
Closing costs & prepaids$16,356
Usable credit−$0
Total buyer cash needed$81,958
Earnest money paid−$0
Remaining funds due$81,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$855.65
Prepaid interest, second (9 days)$135.37
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 5 moOf the original 30-year loan at 6.63%
Interest already paid$91,101Through Dec 2026
Assumption only · ends May 2054$667,331
Assumption + second · ends May 2054, second Jan 2057$783,026
New conventional · ends Jan 2057$854,487