Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,126/mo
Lowest payment- Down payment
- $51,494
- Funds due
- $62,687
- Interest + MI left
- $532,609
- First ends
- Jul 2054
Assumption
Assumption + second
$3,421/mo
+$296/mo- Down payment
- $22,494
- Funds due
- $34,955
- Interest + MI left
- $609,993
- First ends
- Jul 2054
New loan
New conventional
$3,226/mo
+$100/mo- Down payment
- $22,494
- Funds due
- $31,678
- Interest + MI left
- $620,129
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,506 | $378,506 | $407,506 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,624.77 | $2,624.77 | $2,821.49 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $177.76 | $177.76 | $81.50 |
| Taxes, insurance & HOA | $323.00 | $323.00 | $323.00 |
| Total housing payment | $3,125.53 | $3,421.04 | $3,225.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,494
Closing costs & prepaids$12,462
Usable credit−$0
Total buyer cash needed$34,955
Earnest money paid−$0
Remaining funds due$34,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$374.00
Initial HOA (3 months)$144.99
Prepaid interest, first (2 days)$148.71
Prepaid interest, second (2 days)$18.87
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 8 moOf the original 30-year loan at 7.170%
Interest already paid$64,155Through Nov 2026
Assumption only · ends Jul 2054$532,609
Assumption + second · ends Jul 2054, second Dec 2056$609,993
New conventional · ends Dec 2056$620,129