Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,176/mo
Lowest payment- Down payment
- $82,464
- Funds due
- $96,694
- Interest + MI left
- $680,821
- First ends
- Jun 2054
Assumption
Assumption + second
$4,706/mo
+$530/mo- Down payment
- $30,464
- Funds due
- $46,096
- Interest + MI left
- $819,578
- First ends
- Jun 2054
New loan
New conventional
$4,427/mo
+$251/mo- Down payment
- $30,464
- Funds due
- $42,727
- Interest + MI left
- $832,896
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,536 | $515,536 | $567,536 |
| Second mortgage | — | $52,000 | — |
| First P&I | $3,463.70 | $3,463.70 | $3,844.69 |
| Second P&I | — | $529.88 | — |
| Mortgage insurance | $243.02 | $243.02 | $113.51 |
| Taxes, insurance & HOA | $469.16 | $469.16 | $469.16 |
| Total housing payment | $4,175.88 | $4,705.76 | $4,427.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,464
Closing costs & prepaids$15,632
Usable credit−$0
Total buyer cash needed$46,096
Earnest money paid−$0
Remaining funds due$46,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,980.00
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)$717.50
Initial HOA (3 months)$189.99
Prepaid interest, first (9 days)$866.95
Prepaid interest, second (9 days)$152.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 6.82%
Interest already paid$89,228Through Dec 2026
Assumption only · ends Jun 2054$680,821
Assumption + second · ends Jun 2054, second Jan 2057$819,578
New conventional · ends Jan 2057$832,896