Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,295/mo
+$106/mo- Down payment
- $75,232
- Funds due
- $88,840
- Interest + MI left
- $735,135
- First ends
- Jan 2054
Assumption
Assumption + second
$4,764/mo
+$575/mo- Down payment
- $29,232
- Funds due
- $44,179
- Interest + MI left
- $857,882
- First ends
- Jan 2054
New loan
New conventional
$4,189/mo
Lowest payment- Down payment
- $29,232
- Funds due
- $40,755
- Interest + MI left
- $786,167
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $489,768 | $489,768 | $535,768 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,611.71 | $3,611.71 | $3,629.48 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $230.84 | $230.84 | $107.15 |
| Taxes, insurance & HOA | $452.67 | $452.67 | $452.67 |
| Total housing payment | $4,295.21 | $4,763.95 | $4,189.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,232
Closing costs & prepaids$14,948
Usable credit−$0
Total buyer cash needed$44,179
Earnest money paid−$0
Remaining funds due$44,179
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$678.00
Initial HOA (3 months)$180.00
Prepaid interest, first (6 days)$624.76
Prepaid interest, second (6 days)$89.79
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 7.76%
Interest already paid$112,526Through Dec 2026
Assumption only · ends Jan 2054$735,135
Assumption + second · ends Jan 2054, second Jan 2057$857,882
New conventional · ends Jan 2057$786,167