Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,133/mo
Lowest payment- Down payment
- $66,144
- Funds due
- $77,540
- Interest + MI left
- $500,736
- First ends
- Dec 2053
Assumption
Assumption + second
$3,582/mo
+$448/mo- Down payment
- $22,144
- Funds due
- $34,804
- Interest + MI left
- $618,145
- First ends
- Dec 2053
New loan
New conventional
$3,322/mo
+$188/mo- Down payment
- $22,144
- Funds due
- $31,529
- Interest + MI left
- $620,510
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,756 | $363,756 | $407,756 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,544.64 | $2,544.64 | $2,823.22 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $171.99 | $171.99 | $81.55 |
| Taxes, insurance & HOA | $416.75 | $416.75 | $416.75 |
| Total housing payment | $3,133.38 | $3,581.74 | $3,321.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,144
Closing costs & prepaids$12,660
Usable credit−$0
Total buyer cash needed$34,804
Earnest money paid−$0
Remaining funds due$34,804
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$620.25
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$71.66
Prepaid interest, second (1 days)$14.32
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 7.190%
Interest already paid$77,565Through Nov 2026
Assumption only · ends Dec 2053$500,736
Assumption + second · ends Dec 2053, second Dec 2056$618,145
New conventional · ends Dec 2056$620,510