Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,085/mo
Lowest payment- Down payment
- $81,859
- Funds due
- $95,936
- Interest + MI left
- $653,062
- First ends
- Dec 2054
Assumption
Assumption + second
$4,605/mo
+$520/mo- Down payment
- $30,859
- Funds due
- $46,286
- Interest + MI left
- $789,150
- First ends
- Dec 2054
New loan
New conventional
$4,520/mo
+$435/mo- Down payment
- $30,859
- Funds due
- $42,963
- Interest + MI left
- $848,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $527,141 | $527,141 | $578,141 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,349.73 | $3,349.73 | $3,916.53 |
| Second P&I | — | $519.69 | — |
| Mortgage insurance | $247.52 | $247.52 | $115.63 |
| Taxes, insurance & HOA | $488.25 | $488.25 | $488.25 |
| Total housing payment | $4,085.50 | $4,605.19 | $4,520.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,859
Closing costs & prepaids$15,427
Usable credit−$0
Total buyer cash needed$46,286
Earnest money paid−$0
Remaining funds due$46,286
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,090.00
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)$730.75
Initial HOA (3 months)$234.00
Prepaid interest, first (6 days)$547.65
Prepaid interest, second (6 days)$99.55
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 closing28 yrOf the original 30-year loan at 6.32%
Interest already paid$67,497Through Dec 2026
Assumption only · ends Dec 2054$653,062
Assumption + second · ends Dec 2054, second Jan 2057$789,150
New conventional · ends Jan 2057$848,460