Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $70,381
- Funds due
- $82,176
- Interest + MI left
- $384,322
- First ends
- Feb 2054
Assumption
Assumption + second
$3,177/mo
+$298/mo- Down payment
- $33,381
- Funds due
- $46,444
- Interest + MI left
- $454,498
- First ends
- Feb 2054
New loan
New conventional
$2,983/mo
+$104/mo- Down payment
- $33,381
- Funds due
- $43,054
- Interest + MI left
- $449,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,519 | $259,519 | $296,519 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,885.96 | $1,885.96 | $2,053.04 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $122.18 | $122.18 | $59.30 |
| Taxes, insurance & HOA | $870.83 | $870.83 | $870.83 |
| Total housing payment | $2,878.97 | $3,176.68 | $2,983.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,381
Closing costs & prepaids$13,063
Usable credit−$0
Total buyer cash needed$46,444
Earnest money paid−$0
Remaining funds due$46,444
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,769.50
Initial HOA (3 months)$393.00
Prepaid interest, first (2 days)$108.36
Prepaid interest, second (2 days)$18.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.620%
Interest already paid$55,171Through Nov 2026
Assumption only · ends Feb 2054$384,322
Assumption + second · ends Feb 2054, second Dec 2056$454,498
New conventional · ends Dec 2056$449,632