Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,319/mo
Lowest payment- Down payment
- $91,343
- Funds due
- $106,221
- Interest + MI left
- $642,496
- First ends
- Oct 2054
Assumption
Assumption + second
$4,585/mo
+$266/mo- Down payment
- $58,343
- Funds due
- $74,520
- Interest + MI left
- $705,085
- First ends
- Oct 2054
New loan
New conventional
$4,475/mo
+$156/mo- Down payment
- $58,343
- Funds due
- $70,909
- Interest + MI left
- $755,438
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,657 | $483,657 | $516,657 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,220.54 | $3,220.54 | $3,500.01 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $227.11 | $227.11 | $103.33 |
| Taxes, insurance & HOA | $871.67 | $871.67 | $871.67 |
| Total housing payment | $4,319.32 | $4,584.84 | $4,475.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,343
Closing costs & prepaids$16,177
Usable credit−$0
Total buyer cash needed$74,520
Earnest money paid−$0
Remaining funds due$74,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$1,425.00
Prepaid interest, first (6 days)$538.25
Prepaid interest, second (6 days)$48.82
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 10 moOf the original 30-year loan at 6.77%
Interest already paid$71,869Through Dec 2026
Assumption only · ends Oct 2054$642,496
Assumption + second · ends Oct 2054, second Jan 2057$705,085
New conventional · ends Jan 2057$755,438