Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,610/mo
Lowest payment- Down payment
- $126,779
- Funds due
- $138,107
- Interest + MI left
- $408,502
- First ends
- Jan 2054
Assumption
Assumption + second
$3,286/mo
+$676/mo- Down payment
- $42,779
- Funds due
- $55,398
- Interest + MI left
- $567,820
- First ends
- Jan 2054
New loan
New conventional
$3,107/mo
+$497/mo- Down payment
- $42,779
- Funds due
- $51,917
- Interest + MI left
- $575,038
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,221 | $295,221 | $379,221 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,065.09 | $2,065.09 | $2,625.65 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $139.44 | $139.44 | $75.84 |
| Taxes, insurance & HOA | $405.58 | $405.58 | $405.58 |
| Total housing payment | $2,610.11 | $3,286.00 | $3,107.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,779
Closing costs & prepaids$12,620
Usable credit−$0
Total buyer cash needed$55,398
Earnest money paid−$0
Remaining funds due$55,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,220.00
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)$403.75
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$116.47
Prepaid interest, second (2 days)$41.42
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 7.200%
Interest already paid$61,202Through Nov 2026
Assumption only · ends Jan 2054$408,502
Assumption + second · ends Jan 2054, second Dec 2056$567,820
New conventional · ends Dec 2056$575,038