Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,635/mo
Lowest payment- Down payment
- $85,237
- Funds due
- $96,458
- Interest + MI left
- $380,202
- First ends
- Mar 2054
Assumption
Assumption + second
$3,005/mo
+$370/mo- Down payment
- $39,237
- Funds due
- $51,720
- Interest + MI left
- $467,448
- First ends
- Mar 2054
New loan
New conventional
$2,977/mo
+$342/mo- Down payment
- $39,237
- Funds due
- $48,281
- Interest + MI left
- $524,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,763 | $299,763 | $345,763 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,979.42 | $1,979.42 | $2,393.99 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $141.76 | $141.76 | $69.15 |
| Taxes, insurance & HOA | $513.92 | $513.92 | $513.92 |
| Total housing payment | $2,635.10 | $3,005.22 | $2,977.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,237
Closing costs & prepaids$12,482
Usable credit−$0
Total buyer cash needed$51,720
Earnest money paid−$0
Remaining funds due$51,720
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$875.75
Initial HOA (3 months)$216.00
Prepaid interest, first (1 days)$54.37
Prepaid interest, second (1 days)$11.34
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 4 moOf the original 30-year loan at 6.620%
Interest already paid$53,810Through Nov 2026
Assumption only · ends Mar 2054$380,202
Assumption + second · ends Mar 2054, second Dec 2056$467,448
New conventional · ends Dec 2056$524,304