Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,061/mo
Lowest payment- Down payment
- $67,768
- Funds due
- $79,748
- Interest + MI left
- $492,459
- First ends
- Aug 2054
Assumption
Assumption + second
$3,271/mo
+$209/mo- Down payment
- $41,768
- Funds due
- $55,055
- Interest + MI left
- $541,771
- First ends
- Aug 2054
New loan
New conventional
$3,082/mo
+$21/mo- Down payment
- $41,768
- Funds due
- $51,573
- Interest + MI left
- $545,727
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,232 | $347,232 | $373,232 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,419.39 | $2,419.39 | $2,528.40 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $163.04 | $163.04 | $74.65 |
| Taxes, insurance & HOA | $479.00 | $479.00 | $479.00 |
| Total housing payment | $3,061.43 | $3,270.63 | $3,082.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,768
Closing costs & prepaids$13,288
Usable credit−$0
Total buyer cash needed$55,055
Earnest money paid−$0
Remaining funds due$55,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$489.00
Prepaid interest, first (9 days)$618.17
Prepaid interest, second (9 days)$57.70
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 8 moOf the original 30-year loan at 7.22%
Interest already paid$59,257Through Dec 2026
Assumption only · ends Aug 2054$492,459
Assumption + second · ends Aug 2054, second Jan 2057$541,771
New conventional · ends Jan 2057$545,727