Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,434/mo
+$30/mo- Down payment
- $49,566
- Funds due
- $61,881
- Interest + MI left
- $554,199
- First ends
- Feb 2054
Assumption
Assumption + second
$3,709/mo
+$305/mo- Down payment
- $22,566
- Funds due
- $36,210
- Interest + MI left
- $626,246
- First ends
- Feb 2054
New loan
New conventional
$3,405/mo
Lowest payment- Down payment
- $22,566
- Funds due
- $32,893
- Interest + MI left
- $619,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,934 | $394,934 | $421,934 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,786.03 | $2,786.03 | $2,858.33 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $186.44 | $186.44 | $84.39 |
| Taxes, insurance & HOA | $461.83 | $461.83 | $461.83 |
| Total housing payment | $3,434.30 | $3,709.44 | $3,404.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,566
Closing costs & prepaids$13,644
Usable credit−$0
Total buyer cash needed$36,210
Earnest money paid−$0
Remaining funds due$36,210
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,445.00
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)$533.50
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$709.91
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 yr 2 moOf the original 30-year loan at 7.29%
Interest already paid$82,875Through Dec 2026
Assumption only · ends Feb 2054$554,199
Assumption + second · ends Feb 2054, second Jan 2057$626,246
New conventional · ends Jan 2057$619,216