Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,076/mo
Lowest payment- Down payment
- $57,930
- Funds due
- $69,540
- Interest + MI left
- $510,502
- First ends
- Nov 2054
Assumption
Assumption + second
$3,422/mo
+$346/mo- Down payment
- $23,930
- Funds due
- $36,812
- Interest + MI left
- $601,228
- First ends
- Nov 2054
New loan
New conventional
$3,442/mo
+$366/mo- Down payment
- $23,930
- Funds due
- $33,538
- Interest + MI left
- $678,815
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,070 | $412,070 | $446,070 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,618.51 | $2,618.51 | $3,088.50 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $193.49 | $193.49 | $89.21 |
| Taxes, insurance & HOA | $263.92 | $263.92 | $263.92 |
| Total housing payment | $3,075.91 | $3,422.37 | $3,441.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,930
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$36,812
Earnest money paid−$0
Remaining funds due$36,812
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$195.75
Initial HOA (3 months)$96.00
Prepaid interest, first (2 days)$142.70
Prepaid interest, second (2 days)$22.12
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing28 yrOf the original 30-year loan at 6.320%
Interest already paid$52,763Through Nov 2026
Assumption only · ends Nov 2054$510,502
Assumption + second · ends Nov 2054, second Dec 2056$601,228
New conventional · ends Dec 2056$678,815