Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
Lowest payment- Down payment
- $98,871
- Funds due
- $111,042
- Interest + MI left
- $358,726
- First ends
- Dec 2053
Assumption
Assumption + second
$3,299/mo
+$499/mo- Down payment
- $36,871
- Funds due
- $50,368
- Interest + MI left
- $476,317
- First ends
- Dec 2053
New loan
New conventional
$3,100/mo
+$300/mo- Down payment
- $36,871
- Funds due
- $46,933
- Interest + MI left
- $472,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,129 | $261,129 | $323,129 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,830.26 | $1,830.26 | $2,188.99 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $123.58 | $123.58 | $64.63 |
| Taxes, insurance & HOA | $846.00 | $846.00 | $846.00 |
| Total housing payment | $2,799.85 | $3,298.71 | $3,099.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,871
Closing costs & prepaids$13,497
Usable credit−$0
Total buyer cash needed$50,368
Earnest money paid−$0
Remaining funds due$50,368
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$918.00
Initial HOA (3 months)$1,170.00
Prepaid interest, first (5 days)$257.55
Prepaid interest, second (5 days)$76.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 yrOf the original 30-year loan at 7.2%
Interest already paid$57,381Through Dec 2026
Assumption only · ends Dec 2053$358,726
Assumption + second · ends Dec 2053, second Jan 2057$476,317
New conventional · ends Jan 2057$472,403