Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,716/mo
Lowest payment- Down payment
- $57,540
- Funds due
- $69,423
- Interest + MI left
- $339,689
- First ends
- Dec 2053
Assumption
Assumption + second
$3,072/mo
+$357/mo- Down payment
- $22,540
- Funds due
- $35,775
- Interest + MI left
- $433,083
- First ends
- Dec 2053
New loan
New conventional
$3,322/mo
+$606/mo- Down payment
- $22,540
- Funds due
- $32,678
- Interest + MI left
- $609,632
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,460 | $380,460 | $415,460 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,108.36 | $2,108.36 | $2,814.47 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $183.12 | $183.12 | $83.09 |
| Taxes, insurance & HOA | $424.17 | $424.17 | $424.17 |
| Total housing payment | $2,715.65 | $3,072.30 | $3,321.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,540
Closing costs & prepaids$13,235
Usable credit−$0
Total buyer cash needed$35,775
Earnest money paid−$0
Remaining funds due$35,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,380.00
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)$525.50
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$454.99
Prepaid interest, second (9 days)$102.48
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 4.85%
Interest already paid$56,817Through Dec 2026
Assumption only · ends Dec 2053$339,689
Assumption + second · ends Dec 2053, second Jan 2057$433,083
New conventional · ends Jan 2057$609,632