Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,921/mo
Lowest payment- Down payment
- $70,882
- Funds due
- $84,413
- Interest + MI left
- $632,653
- First ends
- Dec 2053
Assumption
Assumption + second
$4,370/mo
+$448/mo- Down payment
- $26,882
- Funds due
- $41,792
- Interest + MI left
- $750,063
- First ends
- Dec 2053
New loan
New conventional
$3,971/mo
+$49/mo- Down payment
- $26,882
- Funds due
- $38,410
- Interest + MI left
- $730,921
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $454,118 | $454,118 | $498,118 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,209.84 | $3,209.84 | $3,374.42 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $214.80 | $214.80 | $99.62 |
| Taxes, insurance & HOA | $496.67 | $496.67 | $496.67 |
| Total housing payment | $3,921.31 | $4,369.67 | $3,970.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,882
Closing costs & prepaids$14,910
Usable credit−$0
Total buyer cash needed$41,792
Earnest money paid−$0
Remaining funds due$41,792
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$816.29
Prepaid interest, second (9 days)$128.84
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 yrOf the original 30-year loan at 7.29%
Interest already paid$101,008Through Dec 2026
Assumption only · ends Dec 2053$632,653
Assumption + second · ends Dec 2053, second Jan 2057$750,063
New conventional · ends Jan 2057$730,921