Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,225/mo
Lowest payment- Down payment
- $50,926
- Funds due
- $63,050
- Interest + MI left
- $507,015
- First ends
- Apr 2054
Assumption
Assumption + second
$3,511/mo
+$285/mo- Down payment
- $22,926
- Funds due
- $36,382
- Interest + MI left
- $581,731
- First ends
- Apr 2054
New loan
New conventional
$3,378/mo
+$152/mo- Down payment
- $22,926
- Funds due
- $33,125
- Interest + MI left
- $626,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,074 | $399,074 | $427,074 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,637.77 | $2,637.77 | $2,893.15 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $188.71 | $188.71 | $85.41 |
| Taxes, insurance & HOA | $399.00 | $399.00 | $399.00 |
| Total housing payment | $3,225.49 | $3,510.81 | $3,377.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,926
Closing costs & prepaids$13,456
Usable credit−$0
Total buyer cash needed$36,382
Earnest money paid−$0
Remaining funds due$36,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$652.40
Prepaid interest, second (9 days)$81.99
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 4 moOf the original 30-year loan at 6.63%
Interest already paid$71,744Through Dec 2026
Assumption only · ends Apr 2054$507,015
Assumption + second · ends Apr 2054, second Jan 2057$581,731
New conventional · ends Jan 2057$626,759