Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,214/mo
Lowest payment- Down payment
- $50,318
- Funds due
- $60,270
- Interest + MI left
- $365,726
- First ends
- Feb 2054
Assumption
Assumption + second
$2,571/mo
+$357/mo- Down payment
- $15,318
- Funds due
- $26,589
- Interest + MI left
- $459,120
- First ends
- Feb 2054
New loan
New conventional
$2,292/mo
+$78/mo- Down payment
- $15,318
- Funds due
- $23,348
- Interest + MI left
- $425,127
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,682 | $254,682 | $289,682 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,821.94 | $1,821.94 | $1,962.41 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $120.13 | $120.13 | $57.94 |
| Taxes, insurance & HOA | $272.00 | $272.00 | $272.00 |
| Total housing payment | $2,214.07 | $2,570.72 | $2,292.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,318
Closing costs & prepaids$11,271
Usable credit−$0
Total buyer cash needed$26,589
Earnest money paid−$0
Remaining funds due$26,589
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$366.00
Prepaid interest, first (6 days)$311.48
Prepaid interest, second (6 days)$68.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7.44%
Interest already paid$54,520Through Dec 2026
Assumption only · ends Feb 2054$365,726
Assumption + second · ends Feb 2054, second Jan 2057$459,120
New conventional · ends Jan 2057$425,127