Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,730/mo
Lowest payment- Down payment
- $76,204
- Funds due
- $89,333
- Interest + MI left
- $615,956
- First ends
- Sep 2054
Assumption
Assumption + second
$4,229/mo
+$499/mo- Down payment
- $27,204
- Funds due
- $41,679
- Interest + MI left
- $746,708
- First ends
- Sep 2054
New loan
New conventional
$3,946/mo
+$216/mo- Down payment
- $27,204
- Funds due
- $38,337
- Interest + MI left
- $734,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $451,796 | $451,796 | $500,796 |
| Second mortgage | — | $49,000 | — |
| First P&I | $3,064.57 | $3,064.57 | $3,392.57 |
| Second P&I | — | $499.31 | — |
| Mortgage insurance | $212.19 | $212.19 | $100.16 |
| Taxes, insurance & HOA | $452.83 | $452.83 | $452.83 |
| Total housing payment | $3,729.59 | $4,228.90 | $3,945.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,204
Closing costs & prepaids$14,475
Usable credit−$0
Total buyer cash needed$41,679
Earnest money paid−$0
Remaining funds due$41,679
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,280.00
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)$633.50
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$516.16
Prepaid interest, second (6 days)$95.65
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$71,578Through Dec 2026
Assumption only · ends Sep 2054$615,956
Assumption + second · ends Sep 2054, second Jan 2057$746,708
New conventional · ends Jan 2057$734,851