Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,089/mo
Lowest payment- Down payment
- $77,168
- Funds due
- $91,193
- Interest + MI left
- $681,982
- First ends
- Oct 2054
Assumption
Assumption + second
$4,568/mo
+$479/mo- Down payment
- $30,168
- Funds due
- $45,580
- Interest + MI left
- $807,397
- First ends
- Oct 2054
New loan
New conventional
$4,334/mo
+$246/mo- Down payment
- $30,168
- Funds due
- $42,225
- Interest + MI left
- $821,038
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,532 | $512,532 | $559,532 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,416.14 | $3,416.14 | $3,790.46 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $240.66 | $240.66 | $111.91 |
| Taxes, insurance & HOA | $431.91 | $431.91 | $431.91 |
| Total housing payment | $4,088.72 | $4,567.65 | $4,334.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,168
Closing costs & prepaids$15,412
Usable credit−$0
Total buyer cash needed$45,580
Earnest money paid−$0
Remaining funds due$45,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,897.00
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)$707.75
Initial HOA (3 months)$87.99
Prepaid interest, first (9 days)$856.84
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 10 moOf the original 30-year loan at 6.78%
Interest already paid$76,271Through Dec 2026
Assumption only · ends Oct 2054$681,982
Assumption + second · ends Oct 2054, second Jan 2057$807,397
New conventional · ends Jan 2057$821,038