Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $39,162
- Funds due
- $48,426
- Interest + MI left
- $280,185
- First ends
- May 2054
Assumption
Assumption + second
$2,041/mo
+$265/mo- Down payment
- $13,162
- Funds due
- $23,727
- Interest + MI left
- $349,563
- First ends
- May 2054
New loan
New conventional
$1,902/mo
+$126/mo- Down payment
- $13,162
- Funds due
- $20,535
- Interest + MI left
- $347,528
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,838 | $210,838 | $236,838 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,426.24 | $1,426.24 | $1,604.42 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $99.46 | $99.46 | $47.37 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,775.70 | $2,040.64 | $1,901.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,162
Closing costs & prepaids$10,564
Usable credit−$0
Total buyer cash needed$23,727
Earnest money paid−$0
Remaining funds due$23,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$300.00
Prepaid interest, first (6 days)$238.45
Prepaid interest, second (6 days)$50.75
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 6.88%
Interest already paid$38,054Through Dec 2026
Assumption only · ends May 2054$280,185
Assumption + second · ends May 2054, second Jan 2057$349,563
New conventional · ends Jan 2057$347,528