Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,026/mo
Lowest payment- Down payment
- $223,604
- Funds due
- $238,866
- Interest + MI left
- $673,096
- First ends
- Jul 2054
Assumption
Assumption + second
$5,148/mo
+$1,123/mo- Down payment
- $70,604
- Funds due
- $87,418
- Interest + MI left
- $924,254
- First ends
- Jul 2054
New loan
New conventional
$4,869/mo
+$843/mo- Down payment
- $70,604
- Funds due
- $83,626
- Interest + MI left
- $920,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $476,296 | $476,296 | $629,296 |
| Second mortgage | — | $153,000 | — |
| First P&I | $3,321.82 | $3,321.82 | $4,263.07 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $223.85 | $223.85 | $125.86 |
| Taxes, insurance & HOA | $480.00 | $480.00 | $480.00 |
| Total housing payment | $4,025.66 | $5,148.32 | $4,868.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,604
Closing costs & prepaids$16,814
Usable credit−$0
Total buyer cash needed$87,418
Earnest money paid−$0
Remaining funds due$87,418
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,999.00
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)$840.00
Initial HOA (3 months)$99.99
Prepaid interest, first (9 days)$847.94
Prepaid interest, second (9 days)$301.81
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 7 moOf the original 30-year loan at 7.22%
Interest already paid$84,229Through Dec 2026
Assumption only · ends Jul 2054$673,096
Assumption + second · ends Jul 2054, second Jan 2057$924,254
New conventional · ends Jan 2057$920,135