Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,912/mo
Lowest payment- Down payment
- $50,494
- Funds due
- $61,614
- Interest + MI left
- $493,918
- First ends
- Jul 2054
Assumption
Assumption + second
$3,218/mo
+$306/mo- Down payment
- $20,494
- Funds due
- $32,922
- Interest + MI left
- $573,970
- First ends
- Jul 2054
New loan
New conventional
$2,957/mo
+$45/mo- Down payment
- $20,494
- Funds due
- $29,642
- Interest + MI left
- $556,874
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,506 | $349,506 | $379,506 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,437.55 | $2,437.55 | $2,570.91 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $164.26 | $164.26 | $75.90 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,911.81 | $3,217.51 | $2,956.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,494
Closing costs & prepaids$12,428
Usable credit−$0
Total buyer cash needed$32,922
Earnest money paid−$0
Remaining funds due$32,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$414.81
Prepaid interest, second (6 days)$58.56
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 7 moOf the original 30-year loan at 7.22%
Interest already paid$61,807Through Dec 2026
Assumption only · ends Jul 2054$493,918
Assumption + second · ends Jul 2054, second Jan 2057$573,970
New conventional · ends Jan 2057$556,874