Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,352/mo
Lowest payment- Down payment
- $67,775
- Funds due
- $78,115
- Interest + MI left
- $363,509
- First ends
- Mar 2054
Assumption
Assumption + second
$2,617/mo
+$266/mo- Down payment
- $34,775
- Funds due
- $46,373
- Interest + MI left
- $426,098
- First ends
- Mar 2054
New loan
New conventional
$2,564/mo
+$213/mo- Down payment
- $34,775
- Funds due
- $42,978
- Interest + MI left
- $470,477
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,225 | $277,225 | $310,225 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,866.45 | $1,866.45 | $2,147.94 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $130.95 | $130.95 | $62.04 |
| Taxes, insurance & HOA | $354.25 | $354.25 | $354.25 |
| Total housing payment | $2,351.65 | $2,617.18 | $2,564.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,775
Closing costs & prepaids$11,598
Usable credit−$0
Total buyer cash needed$46,373
Earnest money paid−$0
Remaining funds due$46,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$360.75
Initial HOA (3 months)$252.00
Prepaid interest, first (1 days)$51.80
Prepaid interest, second (1 days)$8.14
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 6.820%
Interest already paid$51,237Through Nov 2026
Assumption only · ends Mar 2054$363,509
Assumption + second · ends Mar 2054, second Dec 2056$426,098
New conventional · ends Dec 2056$470,477