Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,080/mo
Lowest payment- Down payment
- $104,845
- Funds due
- $117,658
- Interest + MI left
- $455,777
- First ends
- Apr 2054
Assumption
Assumption + second
$3,546/mo
+$467/mo- Down payment
- $46,845
- Funds due
- $61,036
- Interest + MI left
- $565,782
- First ends
- Apr 2054
New loan
New conventional
$3,432/mo
+$352/mo- Down payment
- $46,845
- Funds due
- $57,535
- Interest + MI left
- $604,018
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $355,155 | $355,155 | $413,155 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,361.22 | $2,361.22 | $2,798.86 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $167.89 | $167.89 | $82.63 |
| Taxes, insurance & HOA | $550.67 | $550.67 | $550.67 |
| Total housing payment | $3,079.78 | $3,546.46 | $3,432.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,845
Closing costs & prepaids$14,192
Usable credit−$0
Total buyer cash needed$61,036
Earnest money paid−$0
Remaining funds due$61,036
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Initial HOA (3 months)$600.00
Prepaid interest, first (9 days)$585.86
Prepaid interest, second (9 days)$128.71
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 4 moOf the original 30-year loan at 6.69%
Interest already paid$64,414Through Dec 2026
Assumption only · ends Apr 2054$455,777
Assumption + second · ends Apr 2054, second Jan 2057$565,782
New conventional · ends Jan 2057$604,018