Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,088/mo
Lowest payment- Down payment
- $525,070
- Funds due
- $538,978
- Interest + MI left
- $69,234
- First ends
- Jul 2054
Assumption
Assumption + second
$4,433/mo
+$3,346/mo- Down payment
- $58,070
- Funds due
- $73,427
- Interest + MI left
- $806,666
- First ends
- Jul 2054
New loan
New conventional
$4,403/mo
+$3,315/mo- Down payment
- $58,070
- Funds due
- $69,787
- Interest + MI left
- $783,704
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $49,830 | $49,830 | $516,830 |
| Second mortgage | — | $467,000 | — |
| First P&I | $342.92 | $342.92 | $3,578.43 |
| Second P&I | — | $3,345.65 | — |
| Mortgage insurance | $23.41 | $23.41 | $103.37 |
| Taxes, insurance & HOA | $721.50 | $721.50 | $721.50 |
| Total housing payment | $1,087.83 | $4,433.47 | $4,403.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,070
Closing costs & prepaids$15,356
Usable credit−$0
Total buyer cash needed$73,427
Earnest money paid−$0
Remaining funds due$73,427
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,749.00
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)$1,199.50
Initial HOA (3 months)$465.00
Prepaid interest, first (2 days)$19.36
Prepaid interest, second (2 days)$198.32
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 8 moOf the original 30-year loan at 7.090%
Interest already paid$8,353Through Nov 2026
Assumption only · ends Jul 2054$69,234
Assumption + second · ends Jul 2054, second Dec 2056$806,666
New conventional · ends Dec 2056$783,704