Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,295/mo
Lowest payment- Down payment
- $50,817
- Funds due
- $62,973
- Interest + MI left
- $483,785
- First ends
- Sep 2054
Assumption
Assumption + second
$3,600/mo
+$306/mo- Down payment
- $20,817
- Funds due
- $34,242
- Interest + MI left
- $563,837
- First ends
- Sep 2054
New loan
New conventional
$3,507/mo
+$212/mo- Down payment
- $20,817
- Funds due
- $30,989
- Interest + MI left
- $599,934
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,183 | $364,183 | $394,183 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,424.99 | $2,424.99 | $2,729.24 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $171.01 | $171.01 | $78.84 |
| Taxes, insurance & HOA | $698.58 | $698.58 | $698.58 |
| Total housing payment | $3,294.59 | $3,600.29 | $3,506.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,817
Closing costs & prepaids$13,425
Usable credit−$0
Total buyer cash needed$34,242
Earnest money paid−$0
Remaining funds due$34,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$1,018.75
Initial HOA (3 months)$627.00
Prepaid interest, first (2 days)$135.10
Prepaid interest, second (2 days)$19.52
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 10 moOf the original 30-year loan at 6.770%
Interest already paid$54,116Through Nov 2026
Assumption only · ends Sep 2054$483,785
Assumption + second · ends Sep 2054, second Dec 2056$563,837
New conventional · ends Dec 2056$599,934