Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,734/mo
Lowest payment- Down payment
- $172,158
- Funds due
- $186,949
- Interest + MI left
- $539,689
- First ends
- Mar 2054
Assumption
Assumption + second
$4,556/mo
+$822/mo- Down payment
- $60,158
- Funds due
- $76,420
- Interest + MI left
- $723,543
- First ends
- Mar 2054
New loan
New conventional
$4,471/mo
+$737/mo- Down payment
- $60,158
- Funds due
- $72,806
- Interest + MI left
- $789,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $427,742 | $427,742 | $539,742 |
| Second mortgage | — | $112,000 | — |
| First P&I | $2,824.83 | $2,824.83 | $3,656.40 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $202.51 | $202.51 | $107.95 |
| Taxes, insurance & HOA | $706.67 | $706.67 | $706.67 |
| Total housing payment | $3,734.01 | $4,555.82 | $4,471.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,158
Closing costs & prepaids$16,262
Usable credit−$0
Total buyer cash needed$76,420
Earnest money paid−$0
Remaining funds due$76,420
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$697.16
Prepaid interest, second (9 days)$220.93
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$79,113Through Dec 2026
Assumption only · ends Mar 2054$539,689
Assumption + second · ends Mar 2054, second Jan 2057$723,543
New conventional · ends Jan 2057$789,192