Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,174/mo
Lowest payment- Down payment
- $300,595
- Funds due
- $315,335
- Interest + MI left
- $499,286
- First ends
- Nov 2054
Assumption
Assumption + second
$4,829/mo
+$1,655/mo- Down payment
- $69,595
- Funds due
- $85,928
- Interest + MI left
- $864,054
- First ends
- Nov 2054
New loan
New conventional
$4,786/mo
+$1,612/mo- Down payment
- $69,595
- Funds due
- $82,205
- Interest + MI left
- $906,989
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,305 | $389,305 | $620,305 |
| Second mortgage | — | $231,000 | — |
| First P&I | $2,531.57 | $2,531.57 | $4,202.16 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | $182.81 | $182.81 | $124.06 |
| Taxes, insurance & HOA | $459.34 | $459.34 | $459.34 |
| Total housing payment | $3,173.72 | $4,828.63 | $4,785.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,595
Closing costs & prepaids$16,334
Usable credit−$0
Total buyer cash needed$85,928
Earnest money paid−$0
Remaining funds due$85,928
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,899.00
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)$828.00
Initial HOA (3 months)$50.01
Prepaid interest, first (7 days)$488.28
Prepaid interest, second (7 days)$343.34
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 11 moOf the original 30-year loan at 6.54%
Interest already paid$53,735Through Dec 2026
Assumption only · ends Nov 2054$499,286
Assumption + second · ends Nov 2054, second Jan 2057$864,054
New conventional · ends Jan 2057$906,989