Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,379/mo
+$137/mo- Down payment
- $53,975
- Funds due
- $68,392
- Interest + MI left
- $641,037
- First ends
- Jan 2054
Assumption
Assumption + second
$4,674/mo
+$432/mo- Down payment
- $24,975
- Funds due
- $40,699
- Interest + MI left
- $718,421
- First ends
- Jan 2054
New loan
New conventional
$4,242/mo
Lowest payment- Down payment
- $24,975
- Funds due
- $37,345
- Interest + MI left
- $682,455
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $436,025 | $436,025 | $465,025 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,174.48 | $3,174.48 | $3,150.24 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $205.66 | $205.66 | $93.01 |
| Taxes, insurance & HOA | $998.67 | $998.67 | $998.67 |
| Total housing payment | $4,378.81 | $4,674.32 | $4,241.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,975
Closing costs & prepaids$15,724
Usable credit−$0
Total buyer cash needed$40,699
Earnest money paid−$0
Remaining funds due$40,699
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Initial HOA (3 months)$1,908.00
Prepaid interest, first (6 days)$546.17
Prepaid interest, second (6 days)$56.61
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 1 moOf the original 30-year loan at 7.62%
Interest already paid$98,410Through Dec 2026
Assumption only · ends Jan 2054$641,037
Assumption + second · ends Jan 2054, second Jan 2057$718,421
New conventional · ends Jan 2057$682,455