Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,357/mo
Lowest payment- Down payment
- $79,002
- Funds due
- $91,362
- Interest + MI left
- $500,982
- First ends
- Jul 2054
Assumption
Assumption + second
$3,639/mo
+$282/mo- Down payment
- $44,002
- Funds due
- $57,621
- Interest + MI left
- $567,364
- First ends
- Jul 2054
New loan
New conventional
$3,522/mo
+$165/mo- Down payment
- $44,002
- Funds due
- $54,132
- Interest + MI left
- $599,041
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,998 | $359,998 | $394,998 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,479.80 | $2,479.80 | $2,734.89 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $169.13 | $169.13 | $79.00 |
| Taxes, insurance & HOA | $708.42 | $708.42 | $708.42 |
| Total housing payment | $3,357.34 | $3,638.96 | $3,522.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,002
Closing costs & prepaids$13,619
Usable credit−$0
Total buyer cash needed$57,621
Earnest money paid−$0
Remaining funds due$57,621
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$1,405.25
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$70.03
Prepaid interest, second (1 days)$8.63
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 8 moOf the original 30-year loan at 7.100%
Interest already paid$60,432Through Nov 2026
Assumption only · ends Jul 2054$500,982
Assumption + second · ends Jul 2054, second Dec 2056$567,364
New conventional · ends Dec 2056$599,041