Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,668/mo
Lowest payment- Down payment
- $112,051
- Funds due
- $123,825
- Interest + MI left
- $408,454
- First ends
- Nov 2054
Assumption
Assumption + second
$3,207/mo
+$539/mo- Down payment
- $45,051
- Funds due
- $58,174
- Interest + MI left
- $535,529
- First ends
- Nov 2054
New loan
New conventional
$3,209/mo
+$541/mo- Down payment
- $45,051
- Funds due
- $54,708
- Interest + MI left
- $592,102
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,949 | $337,949 | $404,949 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,123.99 | $2,123.99 | $2,743.27 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $158.95 | $158.95 | $80.99 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $2,667.93 | $3,207.03 | $3,209.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,051
Closing costs & prepaids$13,124
Usable credit−$0
Total buyer cash needed$58,174
Earnest money paid−$0
Remaining funds due$58,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$165.00
Prepaid interest, first (6 days)$344.43
Prepaid interest, second (6 days)$99.12
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 6.2%
Interest already paid$44,258Through Dec 2026
Assumption only · ends Nov 2054$408,454
Assumption + second · ends Nov 2054, second Jan 2057$535,529
New conventional · ends Jan 2057$592,102