Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,884/mo
Lowest payment- Down payment
- $99,301
- Funds due
- $111,659
- Interest + MI left
- $352,704
- First ends
- Jan 2054
Assumption
Assumption + second
$3,390/mo
+$507/mo- Down payment
- $36,301
- Funds due
- $49,940
- Interest + MI left
- $472,193
- First ends
- Jan 2054
New loan
New conventional
$3,248/mo
+$364/mo- Down payment
- $36,301
- Funds due
- $46,525
- Interest + MI left
- $483,263
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,698 | $255,698 | $318,698 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,785.26 | $1,785.26 | $2,206.60 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $120.79 | $120.79 | $63.74 |
| Taxes, insurance & HOA | $977.50 | $977.50 | $977.50 |
| Total housing payment | $2,883.54 | $3,390.46 | $3,247.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,301
Closing costs & prepaids$13,639
Usable credit−$0
Total buyer cash needed$49,940
Earnest money paid−$0
Remaining funds due$49,940
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.99
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)$1,087.50
Initial HOA (3 months)$1,395.00
Prepaid interest, first (2 days)$100.60
Prepaid interest, second (2 days)$31.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 7.180%
Interest already paid$52,865Through Nov 2026
Assumption only · ends Jan 2054$352,704
Assumption + second · ends Jan 2054, second Dec 2056$472,193
New conventional · ends Dec 2056$483,263