Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,825/mo
Lowest payment- Down payment
- $110,652
- Funds due
- $122,546
- Interest + MI left
- $447,448
- First ends
- Jan 2054
Assumption
Assumption + second
$3,381/mo
+$555/mo- Down payment
- $41,652
- Funds due
- $54,950
- Interest + MI left
- $578,316
- First ends
- Jan 2054
New loan
New conventional
$3,070/mo
+$244/mo- Down payment
- $41,652
- Funds due
- $51,419
- Interest + MI left
- $545,897
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,348 | $304,348 | $373,348 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,215.81 | $2,215.81 | $2,529.19 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $143.56 | $143.56 | $74.67 |
| Taxes, insurance & HOA | $466.00 | $466.00 | $466.00 |
| Total housing payment | $2,825.37 | $3,380.56 | $3,069.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,652
Closing costs & prepaids$13,298
Usable credit−$0
Total buyer cash needed$54,950
Earnest money paid−$0
Remaining funds due$54,950
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$571.84
Prepaid interest, second (9 days)$153.12
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$68,691Through Dec 2026
Assumption only · ends Jan 2054$447,448
Assumption + second · ends Jan 2054, second Jan 2057$578,316
New conventional · ends Jan 2057$545,897