Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,921/mo
Lowest payment- Down payment
- $70,654
- Funds due
- $84,557
- Interest + MI left
- $538,373
- First ends
- Jun 2054
Assumption
Assumption + second
$4,400/mo
+$479/mo- Down payment
- $23,654
- Funds due
- $38,837
- Interest + MI left
- $663,788
- First ends
- Jun 2054
New loan
New conventional
$4,201/mo
+$280/mo- Down payment
- $23,654
- Funds due
- $35,549
- Interest + MI left
- $677,802
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,346 | $398,346 | $445,346 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,704.78 | $2,704.78 | $3,083.49 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $187.47 | $187.47 | $89.07 |
| Taxes, insurance & HOA | $1,028.58 | $1,028.58 | $1,028.58 |
| Total housing payment | $3,920.84 | $4,399.77 | $4,201.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,654
Closing costs & prepaids$15,183
Usable credit−$0
Total buyer cash needed$38,837
Earnest money paid−$0
Remaining funds due$38,837
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,690.00
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)$2,156.75
Initial HOA (3 months)$429.00
Prepaid interest, first (2 days)$151.48
Prepaid interest, second (2 days)$30.58
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 closing27 yr 7 moOf the original 30-year loan at 6.940%
Interest already paid$67,760Through Nov 2026
Assumption only · ends Jun 2054$538,373
Assumption + second · ends Jun 2054, second Dec 2056$663,788
New conventional · ends Dec 2056$677,802