Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,603/mo
Lowest payment- Down payment
- $137,894
- Funds due
- $152,157
- Interest + MI left
- $543,527
- First ends
- Dec 2054
Assumption
Assumption + second
$4,231/mo
+$628/mo- Down payment
- $59,894
- Funds due
- $75,580
- Interest + MI left
- $691,465
- First ends
- Dec 2054
New loan
New conventional
$4,283/mo
+$679/mo- Down payment
- $59,894
- Funds due
- $72,019
- Interest + MI left
- $782,413
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,106 | $457,106 | $535,106 |
| Second mortgage | — | $78,000 | — |
| First P&I | $2,837.77 | $2,837.77 | $3,624.99 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $214.86 | $214.86 | $107.02 |
| Taxes, insurance & HOA | $550.67 | $550.67 | $550.67 |
| Total housing payment | $3,603.29 | $4,230.90 | $4,282.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,894
Closing costs & prepaids$15,687
Usable credit−$0
Total buyer cash needed$75,580
Earnest money paid−$0
Remaining funds due$75,580
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$714.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$686.41
Prepaid interest, second (9 days)$173.10
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 closing28 yrOf the original 30-year loan at 6.09%
Interest already paid$56,431Through Dec 2026
Assumption only · ends Dec 2054$543,527
Assumption + second · ends Dec 2054, second Jan 2057$691,465
New conventional · ends Jan 2057$782,413