Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,303/mo
Lowest payment- Down payment
- $160,550
- Funds due
- $175,318
- Interest + MI left
- $723,123
- First ends
- Feb 2054
Assumption
Assumption + second
$5,076/mo
+$772/mo- Down payment
- $64,550
- Funds due
- $80,781
- Interest + MI left
- $905,200
- First ends
- Feb 2054
New loan
New conventional
$4,533/mo
+$229/mo- Down payment
- $64,550
- Funds due
- $77,011
- Interest + MI left
- $848,714
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,450 | $484,450 | $580,450 |
| Second mortgage | — | $96,000 | — |
| First P&I | $3,465.65 | $3,465.65 | $3,932.17 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $353.16 | $353.16 | $116.09 |
| Taxes, insurance & HOA | $484.67 | $484.67 | $484.67 |
| Total housing payment | $4,303.47 | $5,075.91 | $4,532.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,550
Closing costs & prepaids$16,231
Usable credit−$0
Total buyer cash needed$80,781
Earnest money paid−$0
Remaining funds due$80,781
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,450.00
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)$774.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$888.73
Prepaid interest, second (9 days)$213.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7.44%
Interest already paid$103,707Through Dec 2026
Assumption only · ends Feb 2054$723,123
Assumption + second · ends Feb 2054, second Jan 2057$905,200
New conventional · ends Jan 2057$848,714