Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,054/mo
Lowest payment- Down payment
- $202,172
- Funds due
- $213,704
- Interest + MI left
- $320,057
- First ends
- Jan 2055
Assumption
Assumption + second
$3,206/mo
+$1,152/mo- Down payment
- $45,172
- Funds due
- $58,160
- Interest + MI left
- $577,781
- First ends
- Jan 2055
New loan
New conventional
$3,153/mo
+$1,099/mo- Down payment
- $45,172
- Funds due
- $54,663
- Interest + MI left
- $591,925
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,828 | $247,828 | $404,828 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,608.21 | $1,608.21 | $2,742.45 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | $116.13 | $116.13 | $80.97 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,054.34 | $3,206.35 | $3,153.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,172
Closing costs & prepaids$12,988
Usable credit−$0
Total buyer cash needed$58,160
Earnest money paid−$0
Remaining funds due$58,160
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$266.43
Prepaid interest, second (6 days)$206.47
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 closing28 yr 1 moOf the original 30-year loan at 6.54%
Interest already paid$31,436Through Dec 2026
Assumption only · ends Jan 2055$320,057
Assumption + second · ends Jan 2055, second Jan 2057$577,781
New conventional · ends Jan 2057$591,925