Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,819/mo
Lowest payment- Down payment
- $53,651
- Funds due
- $64,736
- Interest + MI left
- $422,396
- First ends
- Mar 2054
Assumption
Assumption + second
$3,176/mo
+$357/mo- Down payment
- $18,651
- Funds due
- $30,998
- Interest + MI left
- $515,790
- First ends
- Mar 2054
New loan
New conventional
$3,001/mo
+$182/mo- Down payment
- $18,651
- Funds due
- $27,760
- Interest + MI left
- $527,063
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,349 | $311,349 | $346,349 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,138.84 | $2,138.84 | $2,398.05 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $146.90 | $146.90 | $69.27 |
| Taxes, insurance & HOA | $533.58 | $533.58 | $533.58 |
| Total housing payment | $2,819.32 | $3,175.97 | $3,000.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,651
Closing costs & prepaids$12,347
Usable credit−$0
Total buyer cash needed$30,998
Earnest money paid−$0
Remaining funds due$30,998
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)$646.75
Initial HOA (3 months)$504.00
Prepaid interest, first (1 days)$59.97
Prepaid interest, second (1 days)$11.39
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 4 moOf the original 30-year loan at 7.030%
Interest already paid$59,280Through Nov 2026
Assumption only · ends Mar 2054$422,396
Assumption + second · ends Mar 2054, second Dec 2056$515,790
New conventional · ends Dec 2056$527,063