Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,680/mo
Lowest payment- Down payment
- $123,235
- Funds due
- $136,993
- Interest + MI left
- $605,456
- First ends
- Aug 2054
Assumption
Assumption + second
$4,220/mo
+$539/mo- Down payment
- $56,235
- Funds due
- $71,392
- Interest + MI left
- $732,531
- First ends
- Aug 2054
New loan
New conventional
$3,983/mo
+$303/mo- Down payment
- $56,235
- Funds due
- $67,759
- Interest + MI left
- $735,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,765 | $435,765 | $502,765 |
| Second mortgage | — | $67,000 | — |
| First P&I | $2,998.83 | $2,998.83 | $3,405.91 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $204.73 | $204.73 | $100.55 |
| Taxes, insurance & HOA | $476.92 | $476.92 | $476.92 |
| Total housing payment | $3,680.48 | $4,219.58 | $3,983.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,235
Closing costs & prepaids$15,156
Usable credit−$0
Total buyer cash needed$71,392
Earnest money paid−$0
Remaining funds due$71,392
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,590.00
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)$670.75
Initial HOA (3 months)$260.01
Prepaid interest, first (9 days)$761.81
Prepaid interest, second (9 days)$148.68
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 7.09%
Interest already paid$73,050Through Dec 2026
Assumption only · ends Aug 2054$605,456
Assumption + second · ends Aug 2054, second Jan 2057$732,531
New conventional · ends Jan 2057$735,126