Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,688/mo
Lowest payment- Down payment
- $62,020
- Funds due
- $72,823
- Interest + MI left
- $432,765
- First ends
- Sep 2054
Assumption
Assumption + second
$2,889/mo
+$201/mo- Down payment
- $37,020
- Funds due
- $49,079
- Interest + MI left
- $480,181
- First ends
- Sep 2054
New loan
New conventional
$2,776/mo
+$87/mo- Down payment
- $37,020
- Funds due
- $45,659
- Interest + MI left
- $497,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,980 | $302,980 | $327,980 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,107.08 | $2,107.08 | $2,270.87 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $141.99 | $141.99 | $65.60 |
| Taxes, insurance & HOA | $439.25 | $439.25 | $439.25 |
| Total housing payment | $2,688.32 | $2,889.48 | $2,775.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,020
Closing costs & prepaids$12,059
Usable credit−$0
Total buyer cash needed$49,079
Earnest money paid−$0
Remaining funds due$49,079
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$687.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$59.93
Prepaid interest, second (1 days)$6.16
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 10 moOf the original 30-year loan at 7.220%
Interest already paid$47,964Through Nov 2026
Assumption only · ends Sep 2054$432,765
Assumption + second · ends Sep 2054, second Dec 2056$480,181
New conventional · ends Dec 2056$497,338