Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,801/mo
Lowest payment- Down payment
- $63,183
- Funds due
- $74,387
- Interest + MI left
- $453,387
- First ends
- May 2054
Assumption
Assumption + second
$3,229/mo
+$428/mo- Down payment
- $21,183
- Funds due
- $33,719
- Interest + MI left
- $565,459
- First ends
- May 2054
New loan
New conventional
$3,026/mo
+$225/mo- Down payment
- $21,183
- Funds due
- $30,447
- Interest + MI left
- $570,537
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,817 | $346,817 | $388,817 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,323.54 | $2,323.54 | $2,633.98 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $163.69 | $163.69 | $77.76 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $2,801.23 | $3,229.21 | $3,025.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,183
Closing costs & prepaids$12,536
Usable credit−$0
Total buyer cash needed$33,719
Earnest money paid−$0
Remaining funds due$33,719
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Prepaid interest, first (6 days)$386.53
Prepaid interest, second (6 days)$81.99
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 5 moOf the original 30-year loan at 6.78%
Interest already paid$61,705Through Dec 2026
Assumption only · ends May 2054$453,387
Assumption + second · ends May 2054, second Jan 2057$565,459
New conventional · ends Jan 2057$570,537