Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,925/mo
Lowest payment- Down payment
- $67,594
- Funds due
- $82,839
- Interest + MI left
- $805,532
- First ends
- Nov 2054
Assumption
Assumption + second
$5,251/mo
+$326/mo- Down payment
- $35,594
- Funds due
- $52,152
- Interest + MI left
- $890,921
- First ends
- Nov 2054
New loan
New conventional
$5,165/mo
+$241/mo- Down payment
- $35,594
- Funds due
- $48,792
- Interest + MI left
- $975,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $632,406 | $632,406 | $664,406 |
| Second mortgage | — | $32,000 | — |
| First P&I | $4,096.09 | $4,096.09 | $4,500.92 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $297.02 | $297.02 | $132.88 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $4,924.77 | $5,250.85 | $5,165.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,594
Closing costs & prepaids$16,558
Usable credit−$0
Total buyer cash needed$52,152
Earnest money paid−$0
Remaining funds due$52,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,000.00
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)$840.00
Initial HOA (3 months)$255.00
Prepaid interest, first (6 days)$675.72
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 11 moOf the original 30-year loan at 6.5%
Interest already paid$86,763Through Dec 2026
Assumption only · ends Nov 2054$805,532
Assumption + second · ends Nov 2054, second Jan 2057$890,921
New conventional · ends Jan 2057$975,059