Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,044/mo
Lowest payment- Down payment
- $100,259
- Funds due
- $112,416
- Interest + MI left
- $504,356
- First ends
- Aug 2054
Assumption
Assumption + second
$3,470/mo
+$426/mo- Down payment
- $47,259
- Funds due
- $60,744
- Interest + MI left
- $604,878
- First ends
- Aug 2054
New loan
New conventional
$3,283/mo
+$239/mo- Down payment
- $47,259
- Funds due
- $57,212
- Interest + MI left
- $610,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,741 | $364,741 | $417,741 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,502.86 | $2,502.86 | $2,829.92 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $171.39 | $171.39 | $83.55 |
| Taxes, insurance & HOA | $369.34 | $369.34 | $369.34 |
| Total housing payment | $3,043.58 | $3,470.03 | $3,282.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,259
Closing costs & prepaids$13,485
Usable credit−$0
Total buyer cash needed$60,744
Earnest money paid−$0
Remaining funds due$60,744
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$423.30
Prepaid interest, second (6 days)$78.41
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 8 moOf the original 30-year loan at 7.06%
Interest already paid$60,890Through Dec 2026
Assumption only · ends Aug 2054$504,356
Assumption + second · ends Aug 2054, second Jan 2057$604,878
New conventional · ends Jan 2057$610,723