Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,609/mo
+$44/mo- Down payment
- $63,012
- Funds due
- $75,771
- Interest + MI left
- $547,465
- First ends
- Jan 2053
Assumption
Assumption + second
$4,006/mo
+$441/mo- Down payment
- $24,012
- Funds due
- $38,136
- Interest + MI left
- $651,532
- First ends
- Jan 2053
New loan
New conventional
$3,565/mo
Lowest payment- Down payment
- $24,012
- Funds due
- $34,810
- Interest + MI left
- $652,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,888 | $405,888 | $444,888 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,846.19 | $2,846.19 | $3,013.83 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $300.60 | $300.60 | $88.98 |
| Taxes, insurance & HOA | $462.25 | $462.25 | $462.25 |
| Total housing payment | $3,609.03 | $4,006.44 | $3,565.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,012
Closing costs & prepaids$14,124
Usable credit−$0
Total buyer cash needed$38,136
Earnest money paid−$0
Remaining funds due$38,136
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,689.00
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)$562.75
Initial HOA (3 months)$324.00
Prepaid interest, first (9 days)$708.58
Prepaid interest, second (9 days)$114.20
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 closing26 yr 1 moOf the original 30-year loan at 7.08%
Interest already paid$115,288Through Dec 2026
Assumption only · ends Jan 2053$547,465
Assumption + second · ends Jan 2053, second Jan 2057$651,532
New conventional · ends Jan 2057$652,813