Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,606/mo
Lowest payment- Down payment
- $57,786
- Funds due
- $70,116
- Interest + MI left
- $583,531
- First ends
- Feb 2054
Assumption
Assumption + second
$3,952/mo
+$346/mo- Down payment
- $23,786
- Funds due
- $37,388
- Interest + MI left
- $674,256
- First ends
- Feb 2054
New loan
New conventional
$3,634/mo
+$28/mo- Down payment
- $23,786
- Funds due
- $34,090
- Interest + MI left
- $662,294
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,214 | $401,214 | $435,214 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,883.50 | $2,883.50 | $3,013.33 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $189.01 | $189.01 | $87.04 |
| Taxes, insurance & HOA | $533.34 | $533.34 | $533.34 |
| Total housing payment | $3,605.85 | $3,952.31 | $3,633.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,786
Closing costs & prepaids$13,602
Usable credit−$0
Total buyer cash needed$37,388
Earnest money paid−$0
Remaining funds due$37,388
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$1,035.00
Initial HOA (3 months)$65.01
Prepaid interest, first (2 days)$164.88
Prepaid interest, second (2 days)$22.12
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 7.500%
Interest already paid$83,977Through Nov 2026
Assumption only · ends Feb 2054$583,531
Assumption + second · ends Feb 2054, second Dec 2056$674,256
New conventional · ends Dec 2056$662,294