Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,056/mo
Lowest payment- Down payment
- $155,214
- Funds due
- $168,364
- Interest + MI left
- $470,951
- First ends
- Nov 2054
Assumption
Assumption + second
$3,805/mo
+$748/mo- Down payment
- $53,214
- Funds due
- $67,771
- Interest + MI left
- $638,389
- First ends
- Nov 2054
New loan
New conventional
$3,788/mo
+$731/mo- Down payment
- $53,214
- Funds due
- $64,224
- Interest + MI left
- $693,485
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,286 | $372,286 | $474,286 |
| Second mortgage | — | $102,000 | — |
| First P&I | $2,401.70 | $2,401.70 | $3,212.98 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $174.88 | $174.88 | $94.86 |
| Taxes, insurance & HOA | $479.67 | $479.67 | $479.67 |
| Total housing payment | $3,056.25 | $3,804.69 | $3,787.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,214
Closing costs & prepaids$14,557
Usable credit−$0
Total buyer cash needed$67,771
Earnest money paid−$0
Remaining funds due$67,771
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,275.00
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)$633.00
Initial HOA (3 months)$306.00
Prepaid interest, first (7 days)$461.23
Prepaid interest, second (7 days)$156.49
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 6.46%
Interest already paid$50,767Through Dec 2026
Assumption only · ends Nov 2054$470,951
Assumption + second · ends Nov 2054, second Jan 2057$638,389
New conventional · ends Jan 2057$693,485