Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,470/mo
Lowest payment- Down payment
- $82,618
- Funds due
- $95,444
- Interest + MI left
- $551,260
- First ends
- May 2054
Assumption
Assumption + second
$3,728/mo
+$257/mo- Down payment
- $50,618
- Funds due
- $64,741
- Interest + MI left
- $611,953
- First ends
- May 2054
New loan
New conventional
$3,613/mo
+$143/mo- Down payment
- $50,618
- Funds due
- $61,204
- Interest + MI left
- $664,382
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $422,382 | $422,382 | $454,382 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,827.06 | $2,827.06 | $3,078.14 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $199.37 | $199.37 | $90.88 |
| Taxes, insurance & HOA | $443.67 | $443.67 | $443.67 |
| Total housing payment | $3,470.10 | $3,727.58 | $3,612.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,618
Closing costs & prepaids$14,123
Usable credit−$0
Total buyer cash needed$64,741
Earnest money paid−$0
Remaining funds due$64,741
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$470.06
Prepaid interest, second (6 days)$47.34
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 5 moOf the original 30-year loan at 6.77%
Interest already paid$75,040Through Dec 2026
Assumption only · ends May 2054$551,260
Assumption + second · ends May 2054, second Jan 2057$611,953
New conventional · ends Jan 2057$664,382