Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,594/mo
Lowest payment- Down payment
- $87,874
- Funds due
- $102,239
- Interest + MI left
- $764,591
- First ends
- Dec 2053
Assumption
Assumption + second
$5,165/mo
+$571/mo- Down payment
- $31,874
- Funds due
- $47,599
- Interest + MI left
- $914,022
- First ends
- Dec 2053
New loan
New conventional
$4,667/mo
+$73/mo- Down payment
- $31,874
- Funds due
- $44,175
- Interest + MI left
- $885,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $547,126 | $547,126 | $603,126 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,874.47 | $3,874.47 | $4,085.79 |
| Second P&I | — | $570.64 | — |
| Mortgage insurance | $258.77 | $258.77 | $120.63 |
| Taxes, insurance & HOA | $461.00 | $461.00 | $461.00 |
| Total housing payment | $4,594.23 | $5,164.87 | $4,667.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,874
Closing costs & prepaids$15,725
Usable credit−$0
Total buyer cash needed$47,599
Earnest money paid−$0
Remaining funds due$47,599
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,350.00
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)$762.00
Initial HOA (3 months)$120.99
Prepaid interest, first (6 days)$657.45
Prepaid interest, second (6 days)$109.32
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 yrOf the original 30-year loan at 7.31%
Interest already paid$122,022Through Dec 2026
Assumption only · ends Dec 2053$764,591
Assumption + second · ends Dec 2053, second Jan 2057$914,022
New conventional · ends Jan 2057$885,127