Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,561/mo
Lowest payment- Down payment
- $74,091
- Funds due
- $88,513
- Interest + MI left
- $767,784
- First ends
- Sep 2054
Assumption
Assumption + second
$4,989/mo
+$428/mo- Down payment
- $32,091
- Funds due
- $47,845
- Interest + MI left
- $879,857
- First ends
- Sep 2054
New loan
New conventional
$4,707/mo
+$146/mo- Down payment
- $32,091
- Funds due
- $44,466
- Interest + MI left
- $892,146
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $565,909 | $565,909 | $607,909 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,827.48 | $3,827.48 | $4,118.19 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $265.82 | $265.82 | $121.58 |
| Taxes, insurance & HOA | $467.67 | $467.67 | $467.67 |
| Total housing payment | $4,560.97 | $4,988.95 | $4,707.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,091
Closing costs & prepaids$15,754
Usable credit−$0
Total buyer cash needed$47,845
Earnest money paid−$0
Remaining funds due$47,845
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,400.00
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)$768.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$643.74
Prepaid interest, second (6 days)$81.99
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$89,276Through Dec 2026
Assumption only · ends Sep 2054$767,784
Assumption + second · ends Sep 2054, second Jan 2057$879,857
New conventional · ends Jan 2057$892,146