Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,510/mo
+$67/mo- Down payment
- $72,005
- Funds due
- $84,256
- Interest + MI left
- $549,251
- First ends
- Jan 2054
Assumption
Assumption + second
$3,735/mo
+$293/mo- Down payment
- $44,005
- Funds due
- $57,520
- Interest + MI left
- $602,357
- First ends
- Jan 2054
New loan
New conventional
$3,442/mo
Lowest payment- Down payment
- $44,005
- Funds due
- $54,019
- Interest + MI left
- $592,892
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,995 | $362,995 | $390,995 |
| Second mortgage | — | $28,000 | — |
| First P&I | $2,681.75 | $2,681.75 | $2,707.17 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $170.91 | $170.91 | $78.20 |
| Taxes, insurance & HOA | $657.00 | $657.00 | $657.00 |
| Total housing payment | $3,509.66 | $3,734.95 | $3,442.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,005
Closing costs & prepaids$13,515
Usable credit−$0
Total buyer cash needed$57,520
Earnest money paid−$0
Remaining funds due$57,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$1,296.00
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$154.94
Prepaid interest, second (2 days)$13.81
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 7.790%
Interest already paid$81,283Through Nov 2026
Assumption only · ends Jan 2054$549,251
Assumption + second · ends Jan 2054, second Dec 2056$602,357
New conventional · ends Dec 2056$592,892