Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,671/mo
Lowest payment- Down payment
- $74,452
- Funds due
- $85,504
- Interest + MI left
- $399,549
- First ends
- Mar 2054
Assumption
Assumption + second
$2,952/mo
+$282/mo- Down payment
- $39,452
- Funds due
- $51,763
- Interest + MI left
- $465,932
- First ends
- Mar 2054
New loan
New conventional
$2,937/mo
+$266/mo- Down payment
- $39,452
- Funds due
- $48,324
- Interest + MI left
- $531,560
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,548 | $315,548 | $350,548 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,081.62 | $2,081.62 | $2,427.12 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $149.23 | $149.23 | $70.11 |
| Taxes, insurance & HOA | $440.00 | $440.00 | $440.00 |
| Total housing payment | $2,670.85 | $2,952.47 | $2,937.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,452
Closing costs & prepaids$12,311
Usable credit−$0
Total buyer cash needed$51,763
Earnest money paid−$0
Remaining funds due$51,763
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$754.25
Initial HOA (3 months)$115.74
Prepaid interest, first (1 days)$57.14
Prepaid interest, second (1 days)$8.63
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 4 moOf the original 30-year loan at 6.610%
Interest already paid$56,560Through Nov 2026
Assumption only · ends Mar 2054$399,549
Assumption + second · ends Mar 2054, second Dec 2056$465,932
New conventional · ends Dec 2056$531,560