Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,352/mo
Lowest payment- Down payment
- $120,744
- Funds due
- $133,511
- Interest + MI left
- $530,348
- First ends
- Jun 2054
Assumption
Assumption + second
$3,908/mo
+$555/mo- Down payment
- $51,744
- Funds due
- $65,795
- Interest + MI left
- $661,216
- First ends
- Jun 2054
New loan
New conventional
$3,805/mo
+$453/mo- Down payment
- $51,744
- Funds due
- $62,233
- Interest + MI left
- $705,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,256 | $396,256 | $465,256 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,675.06 | $2,675.06 | $3,221.34 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $186.54 | $186.54 | $93.05 |
| Taxes, insurance & HOA | $490.84 | $490.84 | $490.84 |
| Total housing payment | $3,352.44 | $3,907.63 | $3,805.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,744
Closing costs & prepaids$14,051
Usable credit−$0
Total buyer cash needed$65,795
Earnest money paid−$0
Remaining funds due$65,795
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,170.00
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)$903.75
Initial HOA (3 months)$68.76
Prepaid interest, first (2 days)$149.38
Prepaid interest, second (2 days)$34.03
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 6.880%
Interest already paid$66,833Through Nov 2026
Assumption only · ends Jun 2054$530,348
Assumption + second · ends Jun 2054, second Dec 2056$661,216
New conventional · ends Dec 2056$705,592