Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,620/mo
+$1/mo- Down payment
- $70,045
- Funds due
- $80,788
- Interest + MI left
- $442,448
- First ends
- Feb 2054
Assumption
Assumption + second
$2,886/mo
+$266/mo- Down payment
- $37,045
- Funds due
- $49,087
- Interest + MI left
- $505,037
- First ends
- Feb 2054
New loan
New conventional
$2,619/mo
Lowest payment- Down payment
- $37,045
- Funds due
- $45,635
- Interest + MI left
- $486,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,855 | $299,855 | $332,855 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,181.08 | $2,181.08 | $2,254.88 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $141.31 | $141.31 | $66.57 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $2,620.39 | $2,885.91 | $2,619.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,045
Closing costs & prepaids$12,042
Usable credit−$0
Total buyer cash needed$49,087
Earnest money paid−$0
Remaining funds due$49,087
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Prepaid interest, first (6 days)$375.60
Prepaid interest, second (6 days)$48.82
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 7.62%
Interest already paid$65,710Through Dec 2026
Assumption only · ends Feb 2054$442,448
Assumption + second · ends Feb 2054, second Jan 2057$505,037
New conventional · ends Jan 2057$486,689