Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,360/mo
Lowest payment- Down payment
- $78,477
- Funds due
- $92,729
- Interest + MI left
- $735,512
- First ends
- Oct 2054
Assumption
Assumption + second
$4,839/mo
+$479/mo- Down payment
- $31,477
- Funds due
- $47,086
- Interest + MI left
- $860,927
- First ends
- Oct 2054
New loan
New conventional
$4,575/mo
+$215/mo- Down payment
- $31,477
- Funds due
- $43,713
- Interest + MI left
- $870,887
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $546,423 | $546,423 | $593,423 |
| Second mortgage | — | $47,000 | — |
| First P&I | $3,666.99 | $3,666.99 | $4,020.05 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $256.49 | $256.49 | $118.68 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $4,360.16 | $4,839.09 | $4,575.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,477
Closing costs & prepaids$15,609
Usable credit−$0
Total buyer cash needed$47,086
Earnest money paid−$0
Remaining funds due$47,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,249.00
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)$750.00
Initial HOA (3 months)$60.00
Prepaid interest, first (7 days)$717.84
Prepaid interest, second (7 days)$107.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 10 moOf the original 30-year loan at 6.85%
Interest already paid$82,140Through Dec 2026
Assumption only · ends Oct 2054$735,512
Assumption + second · ends Oct 2054, second Jan 2057$860,927
New conventional · ends Jan 2057$870,887