Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,038/mo
Lowest payment- Down payment
- $64,033
- Funds due
- $78,282
- Interest + MI left
- $624,274
- First ends
- Dec 2054
Assumption
Assumption + second
$4,384/mo
+$346/mo- Down payment
- $30,033
- Funds due
- $45,632
- Interest + MI left
- $714,999
- First ends
- Dec 2054
New loan
New conventional
$4,434/mo
+$396/mo- Down payment
- $30,033
- Funds due
- $42,385
- Interest + MI left
- $821,788
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $525,967 | $525,967 | $559,967 |
| Second mortgage | — | $34,000 | — |
| First P&I | $3,261.93 | $3,261.93 | $3,793.41 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $247.24 | $247.24 | $111.99 |
| Taxes, insurance & HOA | $528.67 | $528.67 | $528.67 |
| Total housing payment | $4,037.84 | $4,384.30 | $4,434.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,033
Closing costs & prepaids$15,599
Usable credit−$0
Total buyer cash needed$45,632
Earnest money paid−$0
Remaining funds due$45,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$708.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$788.52
Prepaid interest, second (9 days)$99.55
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 closing28 yrOf the original 30-year loan at 6.08%
Interest already paid$64,827Through Dec 2026
Assumption only · ends Dec 2054$624,274
Assumption + second · ends Dec 2054, second Jan 2057$714,999
New conventional · ends Jan 2057$821,788