Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,680/mo
Lowest payment- Down payment
- $527,254
- Funds due
- $547,463
- Interest + MI left
- $730,521
- First ends
- Dec 2053
Assumption
Assumption + second
$7,703/mo
+$3,023/mo- Down payment
- $105,254
- Funds due
- $127,520
- Interest + MI left
- $1,396,894
- First ends
- Dec 2053
New loan
New conventional
$7,320/mo
+$2,640/mo- Down payment
- $105,254
- Funds due
- $123,341
- Interest + MI left
- $1,381,375
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $522,746 | $522,746 | $944,746 |
| Second mortgage | — | $422,000 | — |
| First P&I | $3,701.82 | $3,701.82 | $6,400.04 |
| Second P&I | — | $3,023.26 | — |
| Mortgage insurance | $247.24 | $247.24 | $188.95 |
| Taxes, insurance & HOA | $730.67 | $730.67 | $730.67 |
| Total housing payment | $4,679.73 | $7,702.98 | $7,319.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$105,254
Closing costs & prepaids$22,266
Usable credit−$0
Total buyer cash needed$127,520
Earnest money paid−$0
Remaining funds due$127,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,260.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$942.23
Prepaid interest, second (9 days)$806.42
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 7.31%
Interest already paid$116,585Through Dec 2026
Assumption only · ends Dec 2053$730,521
Assumption + second · ends Dec 2053, second Jan 2057$1,396,894
New conventional · ends Jan 2057$1,381,375