Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,272/mo
Lowest payment- Down payment
- $151,818
- Funds due
- $165,295
- Interest + MI left
- $524,127
- First ends
- Oct 2054
Assumption
Assumption + second
$4,045/mo
+$772/mo- Down payment
- $55,818
- Funds due
- $70,758
- Interest + MI left
- $706,205
- First ends
- Oct 2054
New loan
New conventional
$3,891/mo
+$619/mo- Down payment
- $55,818
- Funds due
- $67,152
- Interest + MI left
- $721,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,182 | $397,182 | $493,182 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,634.39 | $2,634.39 | $3,340.99 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $186.54 | $186.54 | $98.64 |
| Taxes, insurance & HOA | $451.25 | $451.25 | $451.25 |
| Total housing payment | $3,272.18 | $4,044.62 | $3,890.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,818
Closing costs & prepaids$14,941
Usable credit−$0
Total buyer cash needed$70,758
Earnest money paid−$0
Remaining funds due$70,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$658.75
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$659.11
Prepaid interest, second (9 days)$213.04
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 10 moOf the original 30-year loan at 6.73%
Interest already paid$58,676Through Dec 2026
Assumption only · ends Oct 2054$524,127
Assumption + second · ends Oct 2054, second Jan 2057$706,205
New conventional · ends Jan 2057$721,015