Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,284/mo
Lowest payment- Down payment
- $72,335
- Funds due
- $84,748
- Interest + MI left
- $466,548
- First ends
- Sep 2054
Assumption
Assumption + second
$3,525/mo
+$241/mo- Down payment
- $42,335
- Funds due
- $56,006
- Interest + MI left
- $523,447
- First ends
- Sep 2054
New loan
New conventional
$3,462/mo
+$179/mo- Down payment
- $42,335
- Funds due
- $52,535
- Interest + MI left
- $565,097
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,665 | $342,665 | $372,665 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,315.29 | $2,315.29 | $2,580.26 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $160.80 | $160.80 | $74.53 |
| Taxes, insurance & HOA | $807.67 | $807.67 | $807.67 |
| Total housing payment | $3,283.75 | $3,525.14 | $3,462.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,335
Closing costs & prepaids$13,670
Usable credit−$0
Total buyer cash needed$56,006
Earnest money paid−$0
Remaining funds due$56,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$1,637.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$64.97
Prepaid interest, second (1 days)$7.40
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 6.920%
Interest already paid$52,028Through Nov 2026
Assumption only · ends Sep 2054$466,548
Assumption + second · ends Sep 2054, second Dec 2056$523,447
New conventional · ends Dec 2056$565,097