Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,588/mo
Lowest payment- Down payment
- $164,233
- Funds due
- $177,435
- Interest + MI left
- $587,257
- First ends
- Jan 2054
Assumption
Assumption + second
$4,373/mo
+$785/mo- Down payment
- $57,233
- Funds due
- $71,708
- Interest + MI left
- $762,903
- First ends
- Jan 2054
New loan
New conventional
$4,107/mo
+$520/mo- Down payment
- $57,233
- Funds due
- $68,081
- Interest + MI left
- $766,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $398,767 | $398,767 | $505,767 |
| Second mortgage | — | $107,000 | — |
| First P&I | $2,900.54 | $2,900.54 | $3,501.83 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $182.77 | $182.77 | $101.15 |
| Taxes, insurance & HOA | $504.42 | $504.42 | $504.42 |
| Total housing payment | $3,587.73 | $4,372.86 | $4,107.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,233
Closing costs & prepaids$14,475
Usable credit−$0
Total buyer cash needed$71,708
Earnest money paid−$0
Remaining funds due$71,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,630.00
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)$824.25
Initial HOA (3 months)$189.00
Prepaid interest, first (1 days)$83.25
Prepaid interest, second (1 days)$23.45
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 2 moOf the original 30-year loan at 7.620%
Interest already paid$87,385Through Nov 2026
Assumption only · ends Jan 2054$587,257
Assumption + second · ends Jan 2054, second Dec 2056$762,903
New conventional · ends Dec 2056$766,929