Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,447/mo
Lowest payment- Down payment
- $49,681
- Funds due
- $61,488
- Interest + MI left
- $556,744
- First ends
- Feb 2054
Assumption
Assumption + second
$3,722/mo
+$275/mo- Down payment
- $22,681
- Funds due
- $35,755
- Interest + MI left
- $628,791
- First ends
- Feb 2054
New loan
New conventional
$3,483/mo
+$36/mo- Down payment
- $22,681
- Funds due
- $32,474
- Interest + MI left
- $642,671
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,319 | $395,319 | $422,319 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,786.03 | $2,786.03 | $2,924.05 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $186.44 | $186.44 | $84.46 |
| Taxes, insurance & HOA | $474.50 | $474.50 | $474.50 |
| Total housing payment | $3,446.97 | $3,722.10 | $3,483.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,681
Closing costs & prepaids$13,074
Usable credit−$0
Total buyer cash needed$35,755
Earnest money paid−$0
Remaining funds due$35,755
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$571.50
Initial HOA (3 months)$402.00
Prepaid interest, first (2 days)$157.91
Prepaid interest, second (2 days)$17.57
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 3 moOf the original 30-year loan at 7.290%
Interest already paid$80,474Through Nov 2026
Assumption only · ends Feb 2054$556,744
Assumption + second · ends Feb 2054, second Dec 2056$628,791
New conventional · ends Dec 2056$642,671