Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,728/mo
Lowest payment- Down payment
- $141,476
- Funds due
- $155,341
- Interest + MI left
- $607,856
- First ends
- Jul 2054
Assumption
Assumption + second
$4,395/mo
+$668/mo- Down payment
- $58,476
- Funds due
- $73,734
- Interest + MI left
- $765,278
- First ends
- Jul 2054
New loan
New conventional
$4,117/mo
+$389/mo- Down payment
- $58,476
- Funds due
- $70,071
- Interest + MI left
- $755,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,524 | $433,524 | $516,524 |
| Second mortgage | — | $83,000 | — |
| First P&I | $3,009.19 | $3,009.19 | $3,499.11 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $203.80 | $203.80 | $103.30 |
| Taxes, insurance & HOA | $514.67 | $514.67 | $514.67 |
| Total housing payment | $3,727.65 | $4,395.49 | $4,117.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,476
Closing costs & prepaids$15,258
Usable credit−$0
Total buyer cash needed$73,734
Earnest money paid−$0
Remaining funds due$73,734
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Initial HOA (3 months)$354.00
Prepaid interest, first (7 days)$596.13
Prepaid interest, second (7 days)$143.26
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 closing27 yr 7 moOf the original 30-year loan at 7.17%
Interest already paid$76,143Through Dec 2026
Assumption only · ends Jul 2054$607,856
Assumption + second · ends Jul 2054, second Jan 2057$765,278
New conventional · ends Jan 2057$755,140