Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,605/mo
Lowest payment- Down payment
- $62,304
- Funds due
- $73,336
- Interest + MI left
- $430,826
- First ends
- Sep 2054
Assumption
Assumption + second
$2,806/mo
+$201/mo- Down payment
- $37,304
- Funds due
- $49,642
- Interest + MI left
- $478,242
- First ends
- Sep 2054
New loan
New conventional
$2,641/mo
+$36/mo- Down payment
- $37,304
- Funds due
- $46,204
- Interest + MI left
- $479,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,696 | $302,696 | $327,696 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,107.08 | $2,107.08 | $2,219.93 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $141.99 | $141.99 | $65.54 |
| Taxes, insurance & HOA | $356.00 | $356.00 | $356.00 |
| Total housing payment | $2,605.07 | $2,806.23 | $2,641.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,304
Closing costs & prepaids$12,337
Usable credit−$0
Total buyer cash needed$49,642
Earnest money paid−$0
Remaining funds due$49,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$538.88
Prepaid interest, second (9 days)$55.48
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 yr 9 moOf the original 30-year loan at 7.22%
Interest already paid$49,787Through Dec 2026
Assumption only · ends Sep 2054$430,826
Assumption + second · ends Sep 2054, second Jan 2057$478,242
New conventional · ends Jan 2057$479,080