Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,152/mo
Lowest payment- Down payment
- $90,125
- Funds due
- $104,762
- Interest + MI left
- $627,124
- First ends
- Jun 2054
Assumption
Assumption + second
$4,418/mo
+$266/mo- Down payment
- $57,125
- Funds due
- $73,085
- Interest + MI left
- $689,713
- First ends
- Jun 2054
New loan
New conventional
$4,280/mo
+$128/mo- Down payment
- $57,125
- Funds due
- $69,491
- Interest + MI left
- $742,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $474,875 | $474,875 | $507,875 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,190.51 | $3,190.51 | $3,440.52 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $223.85 | $223.85 | $101.58 |
| Taxes, insurance & HOA | $737.67 | $737.67 | $737.67 |
| Total housing payment | $4,152.03 | $4,417.55 | $4,279.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,125
Closing costs & prepaids$15,960
Usable credit−$0
Total buyer cash needed$73,085
Earnest money paid−$0
Remaining funds due$73,085
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$1,035.00
Prepaid interest, first (9 days)$798.57
Prepaid interest, second (9 days)$73.23
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$82,190Through Dec 2026
Assumption only · ends Jun 2054$627,124
Assumption + second · ends Jun 2054, second Jan 2057$689,713
New conventional · ends Jan 2057$742,597