Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,905/mo
Lowest payment- Down payment
- $54,591
- Funds due
- $65,918
- Interest + MI left
- $466,551
- First ends
- May 2054
Assumption
Assumption + second
$3,241/mo
+$336/mo- Down payment
- $21,591
- Funds due
- $34,232
- Interest + MI left
- $554,608
- First ends
- May 2054
New loan
New conventional
$3,096/mo
+$191/mo- Down payment
- $21,591
- Funds due
- $30,973
- Interest + MI left
- $584,465
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,309 | $365,309 | $398,309 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,414.35 | $2,414.35 | $2,698.28 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $172.55 | $172.55 | $79.66 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,904.90 | $3,241.17 | $3,095.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,591
Closing costs & prepaids$12,641
Usable credit−$0
Total buyer cash needed$34,232
Earnest money paid−$0
Remaining funds due$34,232
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$504.00
Prepaid interest, first (6 days)$398.74
Prepaid interest, second (6 days)$64.42
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 6.64%
Interest already paid$63,678Through Dec 2026
Assumption only · ends May 2054$466,551
Assumption + second · ends May 2054, second Jan 2057$554,608
New conventional · ends Jan 2057$584,465