Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,680/mo
Lowest payment- Down payment
- $129,302
- Funds due
- $143,361
- Interest + MI left
- $507,640
- First ends
- Oct 2054
Assumption
Assumption + second
$4,291/mo
+$612/mo- Down payment
- $53,302
- Funds due
- $68,630
- Interest + MI left
- $651,785
- First ends
- Oct 2054
New loan
New conventional
$4,300/mo
+$620/mo- Down payment
- $53,302
- Funds due
- $65,054
- Interest + MI left
- $722,793
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,598 | $400,598 | $476,598 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,586.93 | $2,586.93 | $3,299.87 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $188.17 | $188.17 | $95.32 |
| Taxes, insurance & HOA | $904.83 | $904.83 | $904.83 |
| Total housing payment | $3,679.93 | $4,291.45 | $4,300.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,302
Closing costs & prepaids$15,328
Usable credit−$0
Total buyer cash needed$68,630
Earnest money paid−$0
Remaining funds due$68,630
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,299.00
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)$1,964.50
Initial HOA (3 months)$249.99
Prepaid interest, first (1 days)$71.01
Prepaid interest, second (1 days)$18.74
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 11 moOf the original 30-year loan at 6.470%
Interest already paid$54,711Through Nov 2026
Assumption only · ends Oct 2054$507,640
Assumption + second · ends Oct 2054, second Dec 2056$651,785
New conventional · ends Dec 2056$722,793