Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
Lowest payment- Down payment
- $58,734
- Funds due
- $69,819
- Interest + MI left
- $441,822
- First ends
- Jun 2054
Assumption
Assumption + second
$3,139/mo
+$397/mo- Down payment
- $19,734
- Funds due
- $32,146
- Interest + MI left
- $545,889
- First ends
- Jun 2054
New loan
New conventional
$2,888/mo
+$147/mo- Down payment
- $19,734
- Funds due
- $28,873
- Interest + MI left
- $527,174
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,266 | $320,266 | $359,266 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,208.31 | $2,208.31 | $2,433.79 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $150.76 | $150.76 | $71.85 |
| Taxes, insurance & HOA | $382.41 | $382.41 | $382.41 |
| Total housing payment | $2,741.48 | $3,138.89 | $2,888.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,734
Closing costs & prepaids$12,412
Usable credit−$0
Total buyer cash needed$32,146
Earnest money paid−$0
Remaining funds due$32,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$242.49
Prepaid interest, first (6 days)$373.26
Prepaid interest, second (6 days)$76.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 7.09%
Interest already paid$57,583Through Dec 2026
Assumption only · ends Jun 2054$441,822
Assumption + second · ends Jun 2054, second Jan 2057$545,889
New conventional · ends Jan 2057$527,174