Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,564/mo
Lowest payment- Down payment
- $119,166
- Funds due
- $132,755
- Interest + MI left
- $505,863
- First ends
- Sep 2054
Assumption
Assumption + second
$4,127/mo
+$563/mo- Down payment
- $49,166
- Funds due
- $64,022
- Interest + MI left
- $638,627
- First ends
- Sep 2054
New loan
New conventional
$4,018/mo
+$454/mo- Down payment
- $49,166
- Funds due
- $60,483
- Interest + MI left
- $666,886
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $369,734 | $369,734 | $439,734 |
| Second mortgage | — | $70,000 | — |
| First P&I | $2,505.47 | $2,505.47 | $3,044.63 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $173.48 | $173.48 | $87.95 |
| Taxes, insurance & HOA | $885.08 | $885.08 | $885.08 |
| Total housing payment | $3,564.03 | $4,127.26 | $4,017.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,166
Closing costs & prepaids$14,857
Usable credit−$0
Total buyer cash needed$64,022
Earnest money paid−$0
Remaining funds due$64,022
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,889.00
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)$1,810.25
Initial HOA (3 months)$345.00
Prepaid interest, first (1 days)$70.40
Prepaid interest, second (1 days)$17.26
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$56,378Through Nov 2026
Assumption only · ends Sep 2054$505,863
Assumption + second · ends Sep 2054, second Dec 2056$638,627
New conventional · ends Dec 2056$666,886