Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,442/mo
Lowest payment- Down payment
- $61,213
- Funds due
- $72,142
- Interest + MI left
- $384,296
- First ends
- Nov 2054
Assumption
Assumption + second
$2,870/mo
+$428/mo- Down payment
- $19,213
- Funds due
- $31,515
- Interest + MI left
- $496,369
- First ends
- Nov 2054
New loan
New conventional
$2,752/mo
+$309/mo- Down payment
- $19,213
- Funds due
- $28,278
- Interest + MI left
- $507,394
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,786 | $303,786 | $345,786 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,959.79 | $1,959.79 | $2,342.47 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $142.70 | $142.70 | $69.16 |
| Taxes, insurance & HOA | $340.00 | $340.00 | $340.00 |
| Total housing payment | $2,442.50 | $2,870.48 | $2,751.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,213
Closing costs & prepaids$12,302
Usable credit−$0
Total buyer cash needed$31,515
Earnest money paid−$0
Remaining funds due$31,515
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.99
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)$438.00
Initial HOA (3 months)$132.00
Prepaid interest, first (9 days)$483.89
Prepaid interest, second (9 days)$122.98
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 11 moOf the original 30-year loan at 6.46%
Interest already paid$41,426Through Dec 2026
Assumption only · ends Nov 2054$384,296
Assumption + second · ends Nov 2054, second Jan 2057$496,369
New conventional · ends Jan 2057$507,394