Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,369/mo
Lowest payment- Down payment
- $135,575
- Funds due
- $148,085
- Interest + MI left
- $561,244
- First ends
- Feb 2054
Assumption
Assumption + second
$4,036/mo
+$668/mo- Down payment
- $52,575
- Funds due
- $66,356
- Interest + MI left
- $718,665
- First ends
- Feb 2054
New loan
New conventional
$3,767/mo
+$399/mo- Down payment
- $52,575
- Funds due
- $62,776
- Interest + MI left
- $716,464
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,425 | $389,425 | $472,425 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,783.22 | $2,783.22 | $3,270.98 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $183.52 | $183.52 | $94.49 |
| Taxes, insurance & HOA | $401.92 | $401.92 | $401.92 |
| Total housing payment | $3,368.66 | $4,036.49 | $3,767.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,575
Closing costs & prepaids$13,781
Usable credit−$0
Total buyer cash needed$66,356
Earnest money paid−$0
Remaining funds due$66,356
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$519.75
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$79.38
Prepaid interest, second (1 days)$20.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 7.440%
Interest already paid$80,871Through Nov 2026
Assumption only · ends Feb 2054$561,244
Assumption + second · ends Feb 2054, second Dec 2056$718,665
New conventional · ends Dec 2056$716,464