Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,639/mo
Lowest payment- Down payment
- $58,286
- Funds due
- $70,849
- Interest + MI left
- $553,716
- First ends
- Dec 2053
Assumption
Assumption + second
$3,995/mo
+$357/mo- Down payment
- $23,286
- Funds due
- $37,111
- Interest + MI left
- $647,110
- First ends
- Dec 2053
New loan
New conventional
$3,747/mo
+$108/mo- Down payment
- $23,286
- Funds due
- $33,825
- Interest + MI left
- $664,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,614 | $401,614 | $436,614 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,812.11 | $2,812.11 | $3,023.03 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $189.88 | $189.88 | $87.32 |
| Taxes, insurance & HOA | $636.58 | $636.58 | $636.58 |
| Total housing payment | $3,638.57 | $3,995.22 | $3,746.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,286
Closing costs & prepaids$13,824
Usable credit−$0
Total buyer cash needed$37,111
Earnest money paid−$0
Remaining funds due$37,111
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
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)$1,214.75
Initial HOA (3 months)$195.00
Prepaid interest, first (1 days)$79.22
Prepaid interest, second (1 days)$11.39
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 1 moOf the original 30-year loan at 7.200%
Interest already paid$85,754Through Nov 2026
Assumption only · ends Dec 2053$553,716
Assumption + second · ends Dec 2053, second Dec 2056$647,110
New conventional · ends Dec 2056$664,425