Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,726/mo
Lowest payment- Down payment
- $80,957
- Funds due
- $92,182
- Interest + MI left
- $441,880
- First ends
- Dec 2053
Assumption
Assumption + second
$3,056/mo
+$330/mo- Down payment
- $39,957
- Funds due
- $52,523
- Interest + MI left
- $519,643
- First ends
- Dec 2053
New loan
New conventional
$2,775/mo
+$49/mo- Down payment
- $39,957
- Funds due
- $49,054
- Interest + MI left
- $511,751
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,043 | $309,043 | $350,043 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,166.10 | $2,166.10 | $2,371.31 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $226.04 | $226.04 | $70.01 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $2,726.14 | $3,056.03 | $2,775.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,957
Closing costs & prepaids$12,567
Usable credit−$0
Total buyer cash needed$52,523
Earnest money paid−$0
Remaining funds due$52,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Initial HOA (3 months)$84.00
Prepaid interest, first (9 days)$548.66
Prepaid interest, second (9 days)$90.99
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 yrOf the original 30-year loan at 7.2%
Interest already paid$67,910Through Dec 2026
Assumption only · ends Dec 2053$441,880
Assumption + second · ends Dec 2053, second Jan 2057$519,643
New conventional · ends Jan 2057$511,751