Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,538/mo
Lowest payment- Down payment
- $164,601
- Funds due
- $178,319
- Interest + MI left
- $584,547
- First ends
- Jan 2054
Assumption
Assumption + second
$4,330/mo
+$792/mo- Down payment
- $56,601
- Funds due
- $71,782
- Interest + MI left
- $761,834
- First ends
- Jan 2054
New loan
New conventional
$3,987/mo
+$449/mo- Down payment
- $56,601
- Funds due
- $68,101
- Interest + MI left
- $740,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,399 | $398,399 | $506,399 |
| Second mortgage | — | $108,000 | — |
| First P&I | $2,900.54 | $2,900.54 | $3,430.52 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $182.60 | $182.60 | $101.28 |
| Taxes, insurance & HOA | $454.83 | $454.83 | $454.83 |
| Total housing payment | $3,537.98 | $4,330.44 | $3,986.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,601
Closing costs & prepaids$15,181
Usable credit−$0
Total buyer cash needed$71,782
Earnest money paid−$0
Remaining funds due$71,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,630.00
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)$675.50
Initial HOA (3 months)$189.00
Prepaid interest, first (9 days)$748.55
Prepaid interest, second (9 days)$213.04
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 1 moOf the original 30-year loan at 7.62%
Interest already paid$89,918Through Dec 2026
Assumption only · ends Jan 2054$584,547
Assumption + second · ends Jan 2054, second Jan 2057$761,834
New conventional · ends Jan 2057$740,439