Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,740/mo
Lowest payment- Down payment
- $72,377
- Funds due
- $85,730
- Interest + MI left
- $541,239
- First ends
- Sep 2054
Assumption
Assumption + second
$3,942/mo
+$201/mo- Down payment
- $47,377
- Funds due
- $61,987
- Interest + MI left
- $588,655
- First ends
- Sep 2054
New loan
New conventional
$3,878/mo
+$137/mo- Down payment
- $47,377
- Funds due
- $58,467
- Interest + MI left
- $640,785
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,523 | $397,523 | $422,523 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,685.95 | $2,685.95 | $2,925.46 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $186.54 | $186.54 | $84.50 |
| Taxes, insurance & HOA | $867.92 | $867.92 | $867.92 |
| Total housing payment | $3,740.41 | $3,941.56 | $3,877.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,377
Closing costs & prepaids$14,609
Usable credit−$0
Total buyer cash needed$61,987
Earnest money paid−$0
Remaining funds due$61,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$1,740.75
Initial HOA (3 months)$363.00
Prepaid interest, first (1 days)$75.37
Prepaid interest, second (1 days)$6.16
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$60,357Through Nov 2026
Assumption only · ends Sep 2054$541,239
Assumption + second · ends Sep 2054, second Dec 2056$588,655
New conventional · ends Dec 2056$640,785