Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,177/mo
Lowest payment- Down payment
- $81,933
- Funds due
- $95,394
- Interest + MI left
- $683,945
- First ends
- Jun 2054
Assumption
Assumption + second
$4,706/mo
+$530/mo- Down payment
- $29,933
- Funds due
- $44,661
- Interest + MI left
- $822,702
- First ends
- Jun 2054
New loan
New conventional
$4,517/mo
+$340/mo- Down payment
- $29,933
- Funds due
- $41,313
- Interest + MI left
- $864,579
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $516,067 | $516,067 | $568,067 |
| Second mortgage | — | $52,000 | — |
| First P&I | $3,463.70 | $3,463.70 | $3,933.18 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | $243.02 | $243.02 | $113.61 |
| Taxes, insurance & HOA | $469.83 | $469.83 | $469.83 |
| Total housing payment | $4,176.54 | $4,706.43 | $4,516.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,933
Closing costs & prepaids$14,728
Usable credit−$0
Total buyer cash needed$44,661
Earnest money paid−$0
Remaining funds due$44,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,980.00
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)$719.50
Initial HOA (3 months)$189.99
Prepaid interest, first (1 days)$96.43
Prepaid interest, second (1 days)$16.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 6.820%
Interest already paid$86,295Through Nov 2026
Assumption only · ends Jun 2054$683,945
Assumption + second · ends Jun 2054, second Dec 2056$822,702
New conventional · ends Dec 2056$864,579