Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,750/mo
Lowest payment- Down payment
- $53,966
- Funds due
- $65,322
- Interest + MI left
- $420,459
- First ends
- Mar 2054
Assumption
Assumption + second
$3,106/mo
+$357/mo- Down payment
- $18,966
- Funds due
- $31,674
- Interest + MI left
- $513,853
- First ends
- Mar 2054
New loan
New conventional
$2,877/mo
+$128/mo- Down payment
- $18,966
- Funds due
- $28,406
- Interest + MI left
- $507,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,034 | $311,034 | $346,034 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,138.84 | $2,138.84 | $2,344.15 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $146.90 | $146.90 | $69.21 |
| Taxes, insurance & HOA | $464.00 | $464.00 | $464.00 |
| Total housing payment | $2,749.74 | $3,106.39 | $2,877.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,966
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$31,674
Earnest money paid−$0
Remaining funds due$31,674
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)$504.00
Prepaid interest, first (9 days)$539.15
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 yr 3 moOf the original 30-year loan at 7.03%
Interest already paid$61,104Through Dec 2026
Assumption only · ends Mar 2054$420,459
Assumption + second · ends Mar 2054, second Jan 2057$513,853
New conventional · ends Jan 2057$507,758