Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,273/mo
Lowest payment- Down payment
- $46,289
- Funds due
- $59,296
- Interest + MI left
- $387,585
- First ends
- Oct 2054
Assumption
Assumption + second
$3,569/mo
+$296/mo- Down payment
- $17,289
- Funds due
- $31,593
- Interest + MI left
- $464,969
- First ends
- Oct 2054
New loan
New conventional
$3,438/mo
+$165/mo- Down payment
- $17,289
- Funds due
- $28,370
- Interest + MI left
- $473,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,711 | $293,711 | $322,711 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,948.09 | $1,948.09 | $2,186.16 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $137.95 | $137.95 | $64.54 |
| Taxes, insurance & HOA | $1,187.00 | $1,187.00 | $1,187.00 |
| Total housing payment | $3,273.04 | $3,568.55 | $3,437.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,289
Closing costs & prepaids$14,304
Usable credit−$0
Total buyer cash needed$31,593
Earnest money paid−$0
Remaining funds due$31,593
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$867.00
Initial HOA (3 months)$2,244.00
Prepaid interest, first (5 days)$270.78
Prepaid interest, second (5 days)$47.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 10 moOf the original 30-year loan at 6.73%
Interest already paid$43,390Through Dec 2026
Assumption only · ends Oct 2054$387,585
Assumption + second · ends Oct 2054, second Jan 2057$464,969
New conventional · ends Jan 2057$473,599