Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,429/mo
Lowest payment- Down payment
- $72,830
- Funds due
- $87,425
- Interest + MI left
- $727,575
- First ends
- Aug 2054
Assumption
Assumption + second
$4,857/mo
+$428/mo- Down payment
- $30,830
- Funds due
- $46,798
- Interest + MI left
- $839,648
- First ends
- Aug 2054
New loan
New conventional
$4,534/mo
+$105/mo- Down payment
- $30,830
- Funds due
- $43,406
- Interest + MI left
- $833,712
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $526,169 | $526,169 | $568,169 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,610.58 | $3,610.58 | $3,848.97 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $247.24 | $247.24 | $113.63 |
| Taxes, insurance & HOA | $571.25 | $571.25 | $571.25 |
| Total housing payment | $4,429.07 | $4,857.05 | $4,533.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,830
Closing costs & prepaids$15,968
Usable credit−$0
Total buyer cash needed$46,798
Earnest money paid−$0
Remaining funds due$46,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,989.99
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)$718.75
Initial HOA (3 months)$495.00
Prepaid interest, first (9 days)$915.97
Prepaid interest, second (9 days)$122.98
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 8 moOf the original 30-year loan at 7.06%
Interest already paid$87,838Through Dec 2026
Assumption only · ends Aug 2054$727,575
Assumption + second · ends Aug 2054, second Jan 2057$839,648
New conventional · ends Jan 2057$833,712