Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,099/mo
Lowest payment- Down payment
- $66,509
- Funds due
- $78,373
- Interest + MI left
- $498,427
- First ends
- Dec 2053
Assumption
Assumption + second
$3,557/mo
+$459/mo- Down payment
- $21,509
- Funds due
- $34,755
- Interest + MI left
- $618,505
- First ends
- Dec 2053
New loan
New conventional
$3,230/mo
+$132/mo- Down payment
- $21,509
- Funds due
- $31,437
- Interest + MI left
- $599,340
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,391 | $363,391 | $408,391 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,544.64 | $2,544.64 | $2,766.58 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $171.99 | $171.99 | $81.68 |
| Taxes, insurance & HOA | $382.00 | $382.00 | $382.00 |
| Total housing payment | $3,098.63 | $3,557.18 | $3,230.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,509
Closing costs & prepaids$13,246
Usable credit−$0
Total buyer cash needed$34,755
Earnest money paid−$0
Remaining funds due$34,755
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$644.25
Prepaid interest, second (9 days)$131.76
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 7.19%
Interest already paid$79,744Through Dec 2026
Assumption only · ends Dec 2053$498,427
Assumption + second · ends Dec 2053, second Jan 2057$618,505
New conventional · ends Jan 2057$599,340