Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,955/mo
Lowest payment- Down payment
- $77,501
- Funds due
- $89,455
- Interest + MI left
- $394,622
- First ends
- Feb 2053
Assumption
Assumption + second
$3,277/mo
+$322/mo- Down payment
- $37,501
- Funds due
- $50,774
- Interest + MI left
- $470,487
- First ends
- Feb 2053
New loan
New conventional
$3,010/mo
+$55/mo- Down payment
- $37,501
- Funds due
- $47,340
- Interest + MI left
- $484,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,499 | $291,499 | $331,499 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,041.80 | $2,041.80 | $2,245.69 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $215.64 | $215.64 | $66.30 |
| Taxes, insurance & HOA | $697.58 | $697.58 | $697.58 |
| Total housing payment | $2,955.03 | $3,276.88 | $3,009.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,501
Closing costs & prepaids$13,273
Usable credit−$0
Total buyer cash needed$50,774
Earnest money paid−$0
Remaining funds due$50,774
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Initial HOA (3 months)$1,200.00
Prepaid interest, first (7 days)$395.80
Prepaid interest, second (7 days)$69.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 closing26 yr 2 moOf the original 30-year loan at 7.08%
Interest already paid$80,986Through Dec 2026
Assumption only · ends Feb 2053$394,622
Assumption + second · ends Feb 2053, second Jan 2057$470,487
New conventional · ends Jan 2057$484,640