Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,650/mo
Lowest payment- Down payment
- $123,440
- Funds due
- $137,187
- Interest + MI left
- $595,556
- First ends
- Aug 2054
Assumption
Assumption + second
$4,190/mo
+$539/mo- Down payment
- $56,440
- Funds due
- $71,585
- Interest + MI left
- $722,631
- First ends
- Aug 2054
New loan
New conventional
$3,982/mo
+$332/mo- Down payment
- $56,440
- Funds due
- $67,961
- Interest + MI left
- $734,826
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,560 | $435,560 | $502,560 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,968.79 | $2,968.79 | $3,404.52 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $204.73 | $204.73 | $100.51 |
| Taxes, insurance & HOA | $476.92 | $476.92 | $476.92 |
| Total housing payment | $3,650.44 | $4,189.53 | $3,981.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,440
Closing costs & prepaids$15,145
Usable credit−$0
Total buyer cash needed$71,585
Earnest money paid−$0
Remaining funds due$71,585
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,590.00
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)$670.75
Initial HOA (3 months)$260.01
Prepaid interest, first (9 days)$750.71
Prepaid interest, second (9 days)$148.68
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 8 moOf the original 30-year loan at 6.99%
Interest already paid$72,004Through Dec 2026
Assumption only · ends Aug 2054$595,556
Assumption + second · ends Aug 2054, second Jan 2057$722,631
New conventional · ends Jan 2057$734,826