Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,945/mo
Lowest payment- Down payment
- $50,101
- Funds due
- $61,419
- Interest + MI left
- $477,024
- First ends
- May 2054
Assumption
Assumption + second
$3,241/mo
+$296/mo- Down payment
- $21,101
- Funds due
- $33,725
- Interest + MI left
- $554,408
- First ends
- May 2054
New loan
New conventional
$3,076/mo
+$130/mo- Down payment
- $21,101
- Funds due
- $30,465
- Interest + MI left
- $578,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,899 | $364,899 | $393,899 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,444.68 | $2,444.68 | $2,668.41 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $172.22 | $172.22 | $78.78 |
| Taxes, insurance & HOA | $328.50 | $328.50 | $328.50 |
| Total housing payment | $2,945.41 | $3,240.92 | $3,075.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,101
Closing costs & prepaids$12,624
Usable credit−$0
Total buyer cash needed$33,725
Earnest money paid−$0
Remaining funds due$33,725
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$37.50
Prepaid interest, first (6 days)$406.69
Prepaid interest, second (6 days)$56.61
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$64,922Through Dec 2026
Assumption only · ends May 2054$477,024
Assumption + second · ends May 2054, second Jan 2057$554,408
New conventional · ends Jan 2057$578,073