Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,424/mo
Lowest payment- Down payment
- $147,948
- Funds due
- $159,115
- Interest + MI left
- $386,668
- First ends
- Jan 2054
Assumption
Assumption + second
$3,201/mo
+$778/mo- Down payment
- $41,948
- Funds due
- $54,411
- Interest + MI left
- $560,673
- First ends
- Jan 2054
New loan
New conventional
$3,016/mo
+$592/mo- Down payment
- $41,948
- Funds due
- $50,935
- Interest + MI left
- $558,102
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,052 | $262,052 | $368,052 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,906.11 | $1,906.11 | $2,548.32 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $123.49 | $123.49 | $73.61 |
| Taxes, insurance & HOA | $394.08 | $394.08 | $394.08 |
| Total housing payment | $2,423.68 | $3,201.47 | $3,016.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,948
Closing costs & prepaids$12,463
Usable credit−$0
Total buyer cash needed$54,411
Earnest money paid−$0
Remaining funds due$54,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$657.25
Initial HOA (3 months)$75.00
Prepaid interest, first (2 days)$109.42
Prepaid interest, second (2 days)$46.47
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$57,426Through Nov 2026
Assumption only · ends Jan 2054$386,668
Assumption + second · ends Jan 2054, second Dec 2056$560,673
New conventional · ends Dec 2056$558,102