Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,640/mo
Lowest payment- Down payment
- $115,072
- Funds due
- $126,776
- Interest + MI left
- $406,625
- First ends
- Jan 2054
Assumption
Assumption + second
$3,235/mo
+$595/mo- Down payment
- $41,072
- Funds due
- $54,190
- Interest + MI left
- $546,976
- First ends
- Jan 2054
New loan
New conventional
$3,008/mo
+$369/mo- Down payment
- $41,072
- Funds due
- $50,694
- Interest + MI left
- $539,434
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,928 | $294,928 | $368,928 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,065.09 | $2,065.09 | $2,499.25 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $139.44 | $139.44 | $73.79 |
| Taxes, insurance & HOA | $435.00 | $435.00 | $435.00 |
| Total housing payment | $2,639.53 | $3,234.95 | $3,008.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,072
Closing costs & prepaids$13,118
Usable credit−$0
Total buyer cash needed$54,190
Earnest money paid−$0
Remaining funds due$54,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$523.60
Prepaid interest, second (9 days)$164.22
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 7.2%
Interest already paid$62,974Through Dec 2026
Assumption only · ends Jan 2054$406,625
Assumption + second · ends Jan 2054, second Jan 2057$546,976
New conventional · ends Jan 2057$539,434