Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,120/mo
Lowest payment- Down payment
- $285,778
- Funds due
- $296,777
- Interest + MI left
- $118,665
- First ends
- Jul 2054
Assumption
Assumption + second
$2,897/mo
+$1,777/mo- Down payment
- $37,778
- Funds due
- $50,132
- Interest + MI left
- $510,278
- First ends
- Jul 2054
New loan
New conventional
$2,882/mo
+$1,762/mo- Down payment
- $37,778
- Funds due
- $46,702
- Interest + MI left
- $511,420
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $89,222 | $89,222 | $337,222 |
| Second mortgage | — | $248,000 | — |
| First P&I | $598.22 | $598.22 | $2,334.86 |
| Second P&I | — | $1,776.70 | — |
| Mortgage insurance | $41.97 | $41.97 | $67.44 |
| Taxes, insurance & HOA | $480.17 | $480.17 | $480.17 |
| Total housing payment | $1,120.36 | $2,897.06 | $2,882.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,778
Closing costs & prepaids$12,354
Usable credit−$0
Total buyer cash needed$50,132
Earnest money paid−$0
Remaining funds due$50,132
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$201.50
Initial HOA (3 months)$789.00
Prepaid interest, first (2 days)$33.34
Prepaid interest, second (2 days)$105.32
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 8 moOf the original 30-year loan at 6.820%
Interest already paid$14,397Through Nov 2026
Assumption only · ends Jul 2054$118,665
Assumption + second · ends Jul 2054, second Dec 2056$510,278
New conventional · ends Dec 2056$511,420