Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,097/mo
Lowest payment- Down payment
- $56,033
- Funds due
- $67,461
- Interest + MI left
- $517,758
- First ends
- Feb 2054
Assumption
Assumption + second
$3,443/mo
+$346/mo- Down payment
- $22,033
- Funds due
- $34,777
- Interest + MI left
- $608,484
- First ends
- Feb 2054
New loan
New conventional
$3,130/mo
+$33/mo- Down payment
- $22,033
- Funds due
- $31,473
- Interest + MI left
- $591,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,966 | $368,966 | $402,966 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,602.83 | $2,602.83 | $2,729.83 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $174.18 | $174.18 | $80.59 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $3,097.02 | $3,443.48 | $3,130.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,033
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$34,777
Earnest money paid−$0
Remaining funds due$34,777
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$510.00
Prepaid interest, first (6 days)$442.15
Prepaid interest, second (6 days)$66.37
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 7.29%
Interest already paid$77,426Through Dec 2026
Assumption only · ends Feb 2054$517,758
Assumption + second · ends Feb 2054, second Jan 2057$608,484
New conventional · ends Jan 2057$591,298