Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,351/mo
Lowest payment- Down payment
- $53,854
- Funds due
- $65,731
- Interest + MI left
- $523,688
- First ends
- Jun 2054
Assumption
Assumption + second
$3,667/mo
+$316/mo- Down payment
- $22,854
- Funds due
- $35,992
- Interest + MI left
- $606,408
- First ends
- Jun 2054
New loan
New conventional
$3,549/mo
+$198/mo- Down payment
- $22,854
- Funds due
- $32,715
- Interest + MI left
- $648,495
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,146 | $395,146 | $426,146 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,652.11 | $2,652.11 | $2,950.55 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $186.08 | $186.08 | $85.23 |
| Taxes, insurance & HOA | $512.75 | $512.75 | $512.75 |
| Total housing payment | $3,350.93 | $3,666.83 | $3,548.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,854
Closing costs & prepaids$13,137
Usable credit−$0
Total buyer cash needed$35,992
Earnest money paid−$0
Remaining funds due$35,992
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$218.25
Initial HOA (3 months)$870.00
Prepaid interest, first (1 days)$73.83
Prepaid interest, second (1 days)$10.09
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.820%
Interest already paid$66,075Through Nov 2026
Assumption only · ends Jun 2054$523,688
Assumption + second · ends Jun 2054, second Dec 2056$606,408
New conventional · ends Dec 2056$648,495