Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,256/mo
Lowest payment- Down payment
- $116,147
- Funds due
- $128,873
- Interest + MI left
- $527,930
- First ends
- Jun 2054
Assumption
Assumption + second
$3,771/mo
+$515/mo- Down payment
- $52,147
- Funds due
- $66,218
- Interest + MI left
- $649,315
- First ends
- Jun 2054
New loan
New conventional
$3,602/mo
+$346/mo- Down payment
- $52,147
- Funds due
- $62,647
- Interest + MI left
- $672,289
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,853 | $395,853 | $459,853 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,675.06 | $2,675.06 | $3,115.20 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $186.54 | $186.54 | $91.97 |
| Taxes, insurance & HOA | $394.42 | $394.42 | $394.42 |
| Total housing payment | $3,256.02 | $3,770.98 | $3,601.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,147
Closing costs & prepaids$14,071
Usable credit−$0
Total buyer cash needed$66,218
Earnest money paid−$0
Remaining funds due$66,218
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,120.00
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)$614.50
Initial HOA (3 months)$68.76
Prepaid interest, first (6 days)$447.69
Prepaid interest, second (6 days)$94.68
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 6 moOf the original 30-year loan at 6.88%
Interest already paid$69,105Through Dec 2026
Assumption only · ends Jun 2054$527,930
Assumption + second · ends Jun 2054, second Jan 2057$649,315
New conventional · ends Jan 2057$672,289