Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,384/mo
Lowest payment- Down payment
- $73,318
- Funds due
- $86,972
- Interest + MI left
- $730,873
- First ends
- Aug 2054
Assumption
Assumption + second
$4,822/mo
+$438/mo- Down payment
- $30,318
- Funds due
- $45,236
- Interest + MI left
- $845,615
- First ends
- Aug 2054
New loan
New conventional
$4,584/mo
+$200/mo- Down payment
- $30,318
- Funds due
- $41,883
- Interest + MI left
- $867,036
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,681 | $526,681 | $569,681 |
| Second mortgage | — | $43,000 | — |
| First P&I | $3,610.58 | $3,610.58 | $3,944.36 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $247.24 | $247.24 | $113.94 |
| Taxes, insurance & HOA | $525.75 | $525.75 | $525.75 |
| Total housing payment | $4,383.57 | $4,821.74 | $4,584.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,318
Closing costs & prepaids$14,918
Usable credit−$0
Total buyer cash needed$45,236
Earnest money paid−$0
Remaining funds due$45,236
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.99
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)$582.25
Initial HOA (3 months)$495.00
Prepaid interest, first (1 days)$101.87
Prepaid interest, second (1 days)$13.99
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$84,740Through Nov 2026
Assumption only · ends Aug 2054$730,873
Assumption + second · ends Aug 2054, second Dec 2056$845,615
New conventional · ends Dec 2056$867,036