Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,460/mo
Lowest payment- Down payment
- $159,728
- Funds due
- $171,589
- Interest + MI left
- $379,261
- First ends
- Mar 2054
Assumption
Assumption + second
$3,296/mo
+$836/mo- Down payment
- $45,728
- Funds due
- $59,064
- Interest + MI left
- $566,398
- First ends
- Mar 2054
New loan
New conventional
$3,186/mo
+$726/mo- Down payment
- $45,728
- Funds due
- $55,559
- Interest + MI left
- $591,032
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,272 | $290,272 | $404,272 |
| Second mortgage | — | $114,000 | — |
| First P&I | $1,956.34 | $1,956.34 | $2,738.68 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $137.26 | $137.26 | $80.85 |
| Taxes, insurance & HOA | $366.00 | $366.00 | $366.00 |
| Total housing payment | $2,459.60 | $3,296.10 | $3,185.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,728
Closing costs & prepaids$13,336
Usable credit−$0
Total buyer cash needed$59,064
Earnest money paid−$0
Remaining funds due$59,064
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)$108.00
Prepaid interest, first (9 days)$488.13
Prepaid interest, second (9 days)$224.88
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 3 moOf the original 30-year loan at 6.82%
Interest already paid$55,357Through Dec 2026
Assumption only · ends Mar 2054$379,261
Assumption + second · ends Mar 2054, second Jan 2057$566,398
New conventional · ends Jan 2057$591,032