Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,454/mo
Lowest payment- Down payment
- $144,728
- Funds due
- $156,421
- Interest + MI left
- $379,261
- First ends
- Mar 2054
Assumption
Assumption + second
$3,195/mo
+$741/mo- Down payment
- $43,728
- Funds due
- $56,870
- Interest + MI left
- $545,058
- First ends
- Mar 2054
New loan
New conventional
$3,089/mo
+$635/mo- Down payment
- $43,728
- Funds due
- $53,388
- Interest + MI left
- $572,104
- 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 | $391,272 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,956.34 | $1,956.34 | $2,650.61 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $137.26 | $137.26 | $78.25 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $2,453.60 | $3,194.71 | $3,088.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,728
Closing costs & prepaids$13,142
Usable credit−$0
Total buyer cash needed$56,870
Earnest money paid−$0
Remaining funds due$56,870
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$108.00
Prepaid interest, first (9 days)$488.13
Prepaid interest, second (9 days)$199.23
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$545,058
New conventional · ends Jan 2057$572,104