Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$841/mo
Lowest payment- Down payment
- $267,545
- Funds due
- $277,869
- Interest + MI left
- $83,881
- First ends
- Jan 2054
Assumption
Assumption + second
$2,524/mo
+$1,684/mo- Down payment
- $32,545
- Funds due
- $44,568
- Interest + MI left
- $454,965
- First ends
- Jan 2054
New loan
New conventional
$2,435/mo
+$1,595/mo- Down payment
- $32,545
- Funds due
- $41,153
- Interest + MI left
- $427,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $57,055 | $57,055 | $292,055 |
| Second mortgage | — | $235,000 | — |
| First P&I | $415.39 | $415.39 | $1,978.48 |
| Second P&I | — | $1,683.57 | — |
| Mortgage insurance | $26.91 | $26.91 | $58.41 |
| Taxes, insurance & HOA | $398.50 | $398.50 | $398.50 |
| Total housing payment | $840.80 | $2,524.37 | $2,435.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,545
Closing costs & prepaids$12,023
Usable credit−$0
Total buyer cash needed$44,568
Earnest money paid−$0
Remaining funds due$44,568
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,246.00
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)$389.50
Initial HOA (3 months)$356.01
Prepaid interest, first (9 days)$107.20
Prepaid interest, second (9 days)$449.08
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 1 moOf the original 30-year loan at 7.62%
Interest already paid$12,877Through Dec 2026
Assumption only · ends Jan 2054$83,881
Assumption + second · ends Jan 2054, second Jan 2057$454,965
New conventional · ends Jan 2057$427,033