Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,567/mo
Lowest payment- Down payment
- $113,948
- Funds due
- $127,320
- Interest + MI left
- $555,732
- First ends
- Apr 2054
Assumption
Assumption + second
$4,034/mo
+$467/mo- Down payment
- $55,948
- Funds due
- $70,656
- Interest + MI left
- $665,737
- First ends
- Apr 2054
New loan
New conventional
$3,919/mo
+$352/mo- Down payment
- $55,948
- Funds due
- $67,067
- Interest + MI left
- $722,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,952 | $435,952 | $493,952 |
| Second mortgage | — | $58,000 | — |
| First P&I | $2,887.14 | $2,887.14 | $3,346.20 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $206.13 | $206.13 | $98.79 |
| Taxes, insurance & HOA | $473.67 | $473.67 | $473.67 |
| Total housing payment | $3,566.94 | $4,033.62 | $3,918.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,948
Closing costs & prepaids$14,707
Usable credit−$0
Total buyer cash needed$70,656
Earnest money paid−$0
Remaining funds due$70,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Initial HOA (3 months)$261.00
Prepaid interest, first (6 days)$476.56
Prepaid interest, second (6 days)$85.81
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 4 moOf the original 30-year loan at 6.65%
Interest already paid$78,605Through Dec 2026
Assumption only · ends Apr 2054$555,732
Assumption + second · ends Apr 2054, second Jan 2057$665,737
New conventional · ends Jan 2057$722,141