Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,012/mo
Lowest payment- Down payment
- $61,614
- Funds due
- $75,558
- Interest + MI left
- $649,811
- First ends
- Dec 2054
Assumption
Assumption + second
$4,349/mo
+$336/mo- Down payment
- $28,614
- Funds due
- $43,904
- Interest + MI left
- $737,869
- First ends
- Dec 2054
New loan
New conventional
$4,260/mo
+$248/mo- Down payment
- $28,614
- Funds due
- $40,615
- Interest + MI left
- $794,505
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $508,376 | $508,376 | $541,376 |
| Second mortgage | — | $33,000 | — |
| First P&I | $3,289.28 | $3,289.28 | $3,667.47 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $238.52 | $238.52 | $108.28 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $4,012.46 | $4,348.73 | $4,260.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,614
Closing costs & prepaids$15,290
Usable credit−$0
Total buyer cash needed$43,904
Earnest money paid−$0
Remaining funds due$43,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.90
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)$684.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$814.79
Prepaid interest, second (9 days)$96.63
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 closing28 yrOf the original 30-year loan at 6.5%
Interest already paid$66,920Through Dec 2026
Assumption only · ends Dec 2054$649,811
Assumption + second · ends Dec 2054, second Jan 2057$737,869
New conventional · ends Jan 2057$794,505