Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,287/mo
Lowest payment- Down payment
- $160,091
- Funds due
- $174,020
- Interest + MI left
- $726,402
- First ends
- Feb 2054
Assumption
Assumption + second
$5,052/mo
+$764/mo- Down payment
- $65,091
- Funds due
- $80,293
- Interest + MI left
- $906,583
- First ends
- Feb 2054
New loan
New conventional
$4,599/mo
+$312/mo- Down payment
- $65,091
- Funds due
- $76,588
- Interest + MI left
- $879,471
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,909 | $484,909 | $579,909 |
| Second mortgage | — | $95,000 | — |
| First P&I | $3,465.65 | $3,465.65 | $4,015.17 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $353.16 | $353.16 | $115.98 |
| Taxes, insurance & HOA | $468.33 | $468.33 | $468.33 |
| Total housing payment | $4,287.14 | $5,051.53 | $4,599.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,091
Closing costs & prepaids$15,202
Usable credit−$0
Total buyer cash needed$80,293
Earnest money paid−$0
Remaining funds due$80,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,450.00
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)$725.00
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$98.84
Prepaid interest, second (1 days)$23.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 7.440%
Interest already paid$100,700Through Nov 2026
Assumption only · ends Feb 2054$726,402
Assumption + second · ends Feb 2054, second Dec 2056$906,583
New conventional · ends Dec 2056$879,471