Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,040/mo
Lowest payment- Down payment
- $133,888
- Funds due
- $146,574
- Interest + MI left
- $482,283
- First ends
- Dec 2053
Assumption
Assumption + second
$3,724/mo
+$684/mo- Down payment
- $48,888
- Funds due
- $63,013
- Interest + MI left
- $643,498
- First ends
- Dec 2053
New loan
New conventional
$3,433/mo
+$393/mo- Down payment
- $48,888
- Funds due
- $59,425
- Interest + MI left
- $628,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,112 | $345,112 | $430,112 |
| Second mortgage | — | $85,000 | — |
| First P&I | $2,443.91 | $2,443.91 | $2,913.73 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $163.22 | $163.22 | $86.02 |
| Taxes, insurance & HOA | $433.25 | $433.25 | $433.25 |
| Total housing payment | $3,040.38 | $3,724.31 | $3,433.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,888
Closing costs & prepaids$14,125
Usable credit−$0
Total buyer cash needed$63,013
Earnest money paid−$0
Remaining funds due$63,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$574.75
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$622.05
Prepaid interest, second (9 days)$188.63
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 7.31%
Interest already paid$76,968Through Dec 2026
Assumption only · ends Dec 2053$482,283
Assumption + second · ends Dec 2053, second Jan 2057$643,498
New conventional · ends Jan 2057$628,809