Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,511/mo
Lowest payment- Down payment
- $56,949
- Funds due
- $69,491
- Interest + MI left
- $566,855
- First ends
- Apr 2054
Assumption
Assumption + second
$3,837/mo
+$326/mo- Down payment
- $24,949
- Funds due
- $38,804
- Interest + MI left
- $652,244
- First ends
- Apr 2054
New loan
New conventional
$3,655/mo
+$145/mo- Down payment
- $24,949
- Funds due
- $35,511
- Interest + MI left
- $689,831
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,051 | $438,051 | $470,051 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,926.51 | $2,926.51 | $3,184.29 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $207.01 | $207.01 | $94.01 |
| Taxes, insurance & HOA | $377.17 | $377.17 | $377.17 |
| Total housing payment | $3,510.69 | $3,836.77 | $3,655.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,949
Closing costs & prepaids$13,854
Usable credit−$0
Total buyer cash needed$38,804
Earnest money paid−$0
Remaining funds due$38,804
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
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)$594.00
Initial HOA (3 months)$37.50
Prepaid interest, first (6 days)$485.34
Prepaid interest, second (6 days)$62.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.74%
Interest already paid$80,031Through Dec 2026
Assumption only · ends Apr 2054$566,855
Assumption + second · ends Apr 2054, second Jan 2057$652,244
New conventional · ends Jan 2057$689,831