Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,854/mo
+$1/mo- Down payment
- $80,434
- Funds due
- $93,137
- Interest + MI left
- $635,577
- First ends
- Dec 2053
Assumption
Assumption + second
$4,063/mo
+$210/mo- Down payment
- $54,434
- Funds due
- $68,393
- Interest + MI left
- $684,889
- First ends
- Dec 2053
New loan
New conventional
$3,853/mo
Lowest payment- Down payment
- $54,434
- Funds due
- $64,799
- Interest + MI left
- $728,715
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $454,566 | $454,566 | $480,566 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,209.84 | $3,209.84 | $3,327.34 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $214.80 | $214.80 | $96.11 |
| Taxes, insurance & HOA | $429.08 | $429.08 | $429.08 |
| Total housing payment | $3,853.73 | $4,062.93 | $3,852.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,434
Closing costs & prepaids$13,959
Usable credit−$0
Total buyer cash needed$68,393
Earnest money paid−$0
Remaining funds due$68,393
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
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)$427.25
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$90.79
Prepaid interest, second (1 days)$6.41
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 1 moOf the original 30-year loan at 7.290%
Interest already paid$98,247Through Nov 2026
Assumption only · ends Dec 2053$635,577
Assumption + second · ends Dec 2053, second Dec 2056$684,889
New conventional · ends Dec 2056$728,715