Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,839/mo
Lowest payment- Down payment
- $82,823
- Funds due
- $95,913
- Interest + MI left
- $628,598
- First ends
- Nov 2054
Assumption
Assumption + second
$4,040/mo
+$201/mo- Down payment
- $57,823
- Funds due
- $72,170
- Interest + MI left
- $676,014
- First ends
- Nov 2054
New loan
New conventional
$4,121/mo
+$282/mo- Down payment
- $57,823
- Funds due
- $68,552
- Interest + MI left
- $788,883
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $495,177 | $495,177 | $520,177 |
| Second mortgage | — | $25,000 | — |
| First P&I | $3,191.11 | $3,191.11 | $3,601.60 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $232.36 | $232.36 | $104.04 |
| Taxes, insurance & HOA | $415.75 | $415.75 | $415.75 |
| Total housing payment | $3,839.22 | $4,040.38 | $4,121.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,823
Closing costs & prepaids$14,346
Usable credit−$0
Total buyer cash needed$72,170
Earnest money paid−$0
Remaining funds due$72,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,780.00
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)$267.25
Initial HOA (3 months)$480.00
Prepaid interest, first (1 days)$87.64
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 closing28 yrOf the original 30-year loan at 6.460%
Interest already paid$64,787Through Nov 2026
Assumption only · ends Nov 2054$628,598
Assumption + second · ends Nov 2054, second Dec 2056$676,014
New conventional · ends Dec 2056$788,883