Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,403/mo
Lowest payment- Down payment
- $139,062
- Funds due
- $151,967
- Interest + MI left
- $571,783
- First ends
- Jan 2054
Assumption
Assumption + second
$4,103/mo
+$700/mo- Down payment
- $52,062
- Funds due
- $66,345
- Interest + MI left
- $736,791
- First ends
- Jan 2054
New loan
New conventional
$3,678/mo
+$275/mo- Down payment
- $52,062
- Funds due
- $62,713
- Interest + MI left
- $684,203
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,938 | $380,938 | $467,938 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,809.16 | $2,809.16 | $3,169.98 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $179.55 | $179.55 | $93.59 |
| Taxes, insurance & HOA | $414.67 | $414.67 | $414.67 |
| Total housing payment | $3,403.37 | $4,103.39 | $3,678.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,062
Closing costs & prepaids$14,284
Usable credit−$0
Total buyer cash needed$66,345
Earnest money paid−$0
Remaining funds due$66,345
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,200.00
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)$624.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$485.93
Prepaid interest, second (6 days)$128.71
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$87,522Through Dec 2026
Assumption only · ends Jan 2054$571,783
Assumption + second · ends Jan 2054, second Jan 2057$736,791
New conventional · ends Jan 2057$684,203