Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,630/mo
Lowest payment- Down payment
- $93,014
- Funds due
- $106,235
- Interest + MI left
- $568,600
- First ends
- Mar 2054
Assumption
Assumption + second
$3,944/mo
+$314/mo- Down payment
- $54,014
- Funds due
- $68,543
- Interest + MI left
- $642,569
- First ends
- Mar 2054
New loan
New conventional
$3,841/mo
+$212/mo- Down payment
- $54,014
- Funds due
- $64,979
- Interest + MI left
- $710,446
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,886 | $446,886 | $485,886 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,965.64 | $2,965.64 | $3,291.56 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $211.51 | $211.51 | $97.18 |
| Taxes, insurance & HOA | $452.67 | $452.67 | $452.67 |
| Total housing payment | $3,629.82 | $3,943.62 | $3,841.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,014
Closing costs & prepaids$14,529
Usable credit−$0
Total buyer cash needed$68,543
Earnest money paid−$0
Remaining funds due$68,543
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Initial HOA (3 months)$210.00
Prepaid interest, first (6 days)$489.25
Prepaid interest, second (6 days)$57.70
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 3 moOf the original 30-year loan at 6.66%
Interest already paid$83,265Through Dec 2026
Assumption only · ends Mar 2054$568,600
Assumption + second · ends Mar 2054, second Jan 2057$642,569
New conventional · ends Jan 2057$710,446