Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,412/mo
Lowest payment- Down payment
- $142,378
- Funds due
- $155,584
- Interest + MI left
- $546,005
- First ends
- Dec 2054
Assumption
Assumption + second
$4,072/mo
+$660/mo- Down payment
- $60,378
- Funds due
- $74,875
- Interest + MI left
- $701,530
- First ends
- Dec 2054
New loan
New conventional
$4,203/mo
+$792/mo- Down payment
- $60,378
- Funds due
- $71,246
- Interest + MI left
- $818,373
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,622 | $457,622 | $539,622 |
| Second mortgage | — | $82,000 | — |
| First P&I | $2,837.77 | $2,837.77 | $3,736.23 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $214.86 | $214.86 | $107.92 |
| Taxes, insurance & HOA | $359.33 | $359.33 | $359.33 |
| Total housing payment | $3,411.96 | $4,071.75 | $4,203.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,378
Closing costs & prepaids$14,496
Usable credit−$0
Total buyer cash needed$74,875
Earnest money paid−$0
Remaining funds due$74,875
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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)$140.00
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$152.71
Prepaid interest, second (2 days)$40.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 yr 1 moOf the original 30-year loan at 6.090%
Interest already paid$54,108Through Nov 2026
Assumption only · ends Dec 2054$546,005
Assumption + second · ends Dec 2054, second Dec 2056$701,530
New conventional · ends Dec 2056$818,373