Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,840/mo
Lowest payment- Down payment
- $46,553
- Funds due
- $57,251
- Interest + MI left
- $458,156
- First ends
- Dec 2053
Assumption
Assumption + second
$3,115/mo
+$275/mo- Down payment
- $19,553
- Funds due
- $31,510
- Interest + MI left
- $530,203
- First ends
- Dec 2053
New loan
New conventional
$2,920/mo
+$80/mo- Down payment
- $19,553
- Funds due
- $28,263
- Interest + MI left
- $548,364
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,347 | $333,347 | $360,347 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,329.73 | $2,329.73 | $2,494.97 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $157.62 | $157.62 | $72.07 |
| Taxes, insurance & HOA | $352.92 | $352.92 | $352.92 |
| Total housing payment | $2,840.26 | $3,115.40 | $2,919.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,553
Closing costs & prepaids$11,957
Usable credit−$0
Total buyer cash needed$31,510
Earnest money paid−$0
Remaining funds due$31,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$338.75
Initial HOA (3 months)$270.00
Prepaid interest, first (1 days)$65.57
Prepaid interest, second (1 days)$8.78
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 7.180%
Interest already paid$70,984Through Nov 2026
Assumption only · ends Dec 2053$458,156
Assumption + second · ends Dec 2053, second Dec 2056$530,203
New conventional · ends Dec 2056$548,364