Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $46,888
- Funds due
- $58,227
- Interest + MI left
- $456,043
- First ends
- Dec 2053
Assumption
Assumption + second
$3,154/mo
+$275/mo- Down payment
- $19,888
- Funds due
- $32,556
- Interest + MI left
- $528,090
- First ends
- Dec 2053
New loan
New conventional
$2,903/mo
+$24/mo- Down payment
- $19,888
- Funds due
- $29,276
- Interest + MI left
- $528,269
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,012 | $333,012 | $360,012 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,329.73 | $2,329.73 | $2,438.85 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $157.62 | $157.62 | $72.00 |
| Taxes, insurance & HOA | $392.00 | $392.00 | $392.00 |
| Total housing payment | $2,879.35 | $3,154.48 | $2,902.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,888
Closing costs & prepaids$12,669
Usable credit−$0
Total buyer cash needed$32,556
Earnest money paid−$0
Remaining funds due$32,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$589.57
Prepaid interest, second (9 days)$79.06
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 7.18%
Interest already paid$72,978Through Dec 2026
Assumption only · ends Dec 2053$456,043
Assumption + second · ends Dec 2053, second Jan 2057$528,090
New conventional · ends Jan 2057$528,269