Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,454/mo
Lowest payment- Down payment
- $240,468
- Funds due
- $255,235
- Interest + MI left
- $465,542
- First ends
- Jul 2054
Assumption
Assumption + second
$4,789/mo
+$1,335/mo- Down payment
- $58,468
- Funds due
- $74,525
- Interest + MI left
- $764,305
- First ends
- Jul 2054
New loan
New conventional
$4,672/mo
+$1,218/mo- Down payment
- $58,468
- Funds due
- $70,890
- Interest + MI left
- $783,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,532 | $334,532 | $516,532 |
| Second mortgage | — | $182,000 | — |
| First P&I | $2,304.38 | $2,304.38 | $3,576.36 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | $157.16 | $157.16 | $103.31 |
| Taxes, insurance & HOA | $992.25 | $992.25 | $992.25 |
| Total housing payment | $3,453.79 | $4,789.24 | $4,671.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,468
Closing costs & prepaids$16,057
Usable credit−$0
Total buyer cash needed$74,525
Earnest money paid−$0
Remaining funds due$74,525
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)$2,022.75
Initial HOA (3 months)$453.99
Prepaid interest, first (1 days)$65.07
Prepaid interest, second (1 days)$39.89
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 8 moOf the original 30-year loan at 7.100%
Interest already paid$56,157Through Nov 2026
Assumption only · ends Jul 2054$465,542
Assumption + second · ends Jul 2054, second Dec 2056$764,305
New conventional · ends Dec 2056$783,252