Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,349/mo
+$21/mo- Down payment
- $83,654
- Funds due
- $97,425
- Interest + MI left
- $745,387
- First ends
- Jan 2054
Assumption
Assumption + second
$4,899/mo
+$571/mo- Down payment
- $29,654
- Funds due
- $44,780
- Interest + MI left
- $889,480
- First ends
- Jan 2054
New loan
New conventional
$4,328/mo
Lowest payment- Down payment
- $29,654
- Funds due
- $41,355
- Interest + MI left
- $822,198
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $506,246 | $506,246 | $560,246 |
| Second mortgage | — | $54,000 | — |
| First P&I | $3,689.11 | $3,689.11 | $3,795.30 |
| Second P&I | — | $550.26 | — |
| Mortgage insurance | $238.77 | $238.77 | $112.05 |
| Taxes, insurance & HOA | $420.67 | $420.67 | $420.67 |
| Total housing payment | $4,348.55 | $4,898.81 | $4,328.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,654
Closing costs & prepaids$15,126
Usable credit−$0
Total buyer cash needed$44,780
Earnest money paid−$0
Remaining funds due$44,780
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.00
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)$708.00
Initial HOA (3 months)$54.00
Prepaid interest, first (6 days)$634.96
Prepaid interest, second (6 days)$105.41
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 1 moOf the original 30-year loan at 7.63%
Interest already paid$114,405Through Dec 2026
Assumption only · ends Jan 2054$745,387
Assumption + second · ends Jan 2054, second Jan 2057$889,480
New conventional · ends Jan 2057$822,198