Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,991/mo
Lowest payment- Down payment
- $85,467
- Funds due
- $97,197
- Interest + MI left
- $494,427
- First ends
- Aug 2054
Assumption
Assumption + second
$3,313/mo
+$322/mo- Down payment
- $45,467
- Funds due
- $58,507
- Interest + MI left
- $570,293
- First ends
- Aug 2054
New loan
New conventional
$3,168/mo
+$177/mo- Down payment
- $45,467
- Funds due
- $55,005
- Interest + MI left
- $591,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,533 | $364,533 | $404,533 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,472.72 | $2,472.72 | $2,740.45 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $171.39 | $171.39 | $80.91 |
| Taxes, insurance & HOA | $346.67 | $346.67 | $346.67 |
| Total housing payment | $2,990.78 | $3,312.63 | $3,168.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,467
Closing costs & prepaids$13,040
Usable credit−$0
Total buyer cash needed$58,507
Earnest money paid−$0
Remaining funds due$58,507
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)$50.01
Prepaid interest, first (6 days)$415.87
Prepaid interest, second (6 days)$59.18
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 8 moOf the original 30-year loan at 6.94%
Interest already paid$59,839Through Dec 2026
Assumption only · ends Aug 2054$494,427
Assumption + second · ends Aug 2054, second Jan 2057$570,293
New conventional · ends Jan 2057$591,494