Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,270/mo
Lowest payment- Down payment
- $67,086
- Funds due
- $79,222
- Interest + MI left
- $527,778
- First ends
- Nov 2054
Assumption
Assumption + second
$3,708/mo
+$438/mo- Down payment
- $24,086
- Funds due
- $37,500
- Interest + MI left
- $642,519
- First ends
- Nov 2054
New loan
New conventional
$3,652/mo
+$382/mo- Down payment
- $24,086
- Funds due
- $34,219
- Interest + MI left
- $693,871
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,904 | $412,904 | $455,904 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,671.56 | $2,671.56 | $3,156.59 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $193.72 | $193.72 | $91.18 |
| Taxes, insurance & HOA | $404.58 | $404.58 | $404.58 |
| Total housing payment | $3,269.86 | $3,708.03 | $3,652.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,086
Closing costs & prepaids$13,414
Usable credit−$0
Total buyer cash needed$37,500
Earnest money paid−$0
Remaining funds due$37,500
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.90
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)$479.75
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$147.06
Prepaid interest, second (2 days)$27.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.500%
Interest already paid$54,352Through Nov 2026
Assumption only · ends Nov 2054$527,778
Assumption + second · ends Nov 2054, second Dec 2056$642,519
New conventional · ends Dec 2056$693,871