Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,234/mo
Lowest payment- Down payment
- $50,495
- Funds due
- $62,067
- Interest + MI left
- $509,367
- First ends
- Apr 2054
Assumption
Assumption + second
$3,510/mo
+$275/mo- Down payment
- $23,495
- Funds due
- $36,326
- Interest + MI left
- $581,414
- First ends
- Apr 2054
New loan
New conventional
$3,446/mo
+$212/mo- Down payment
- $23,495
- Funds due
- $33,046
- Interest + MI left
- $649,041
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,505 | $399,505 | $426,505 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,637.77 | $2,637.77 | $2,953.03 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $188.71 | $188.71 | $85.30 |
| Taxes, insurance & HOA | $408.00 | $408.00 | $408.00 |
| Total housing payment | $3,234.49 | $3,509.62 | $3,446.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,495
Closing costs & prepaids$12,830
Usable credit−$0
Total buyer cash needed$36,326
Earnest money paid−$0
Remaining funds due$36,326
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$567.00
Initial HOA (3 months)$207.00
Prepaid interest, first (1 days)$72.57
Prepaid interest, second (1 days)$8.78
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 5 moOf the original 30-year loan at 6.630%
Interest already paid$69,536Through Nov 2026
Assumption only · ends Apr 2054$509,367
Assumption + second · ends Apr 2054, second Dec 2056$581,414
New conventional · ends Dec 2056$649,041