Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,405/mo
Lowest payment- Down payment
- $135,944
- Funds due
- $149,199
- Interest + MI left
- $558,688
- First ends
- Feb 2054
Assumption
Assumption + second
$4,073/mo
+$668/mo- Down payment
- $52,944
- Funds due
- $67,633
- Interest + MI left
- $716,109
- First ends
- Feb 2054
New loan
New conventional
$3,731/mo
+$326/mo- Down payment
- $52,944
- Funds due
- $63,991
- Interest + MI left
- $690,224
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,056 | $389,056 | $472,056 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,783.22 | $2,783.22 | $3,197.87 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $183.52 | $183.52 | $94.41 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $3,405.41 | $4,073.24 | $3,730.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,944
Closing costs & prepaids$14,689
Usable credit−$0
Total buyer cash needed$67,633
Earnest money paid−$0
Remaining funds due$67,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$713.73
Prepaid interest, second (9 days)$184.19
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 7.44%
Interest already paid$83,286Through Dec 2026
Assumption only · ends Feb 2054$558,688
Assumption + second · ends Feb 2054, second Jan 2057$716,109
New conventional · ends Jan 2057$690,224