Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,267/mo
Lowest payment- Down payment
- $55,254
- Funds due
- $65,434
- Interest + MI left
- $374,051
- First ends
- Jul 2054
Assumption
Assumption + second
$2,664/mo
+$397/mo- Down payment
- $16,254
- Funds due
- $27,760
- Interest + MI left
- $478,119
- First ends
- Jul 2054
New loan
New conventional
$2,433/mo
+$167/mo- Down payment
- $16,254
- Funds due
- $24,521
- Interest + MI left
- $453,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,746 | $269,746 | $308,746 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,859.92 | $1,859.92 | $2,091.55 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $126.85 | $126.85 | $61.75 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $2,266.76 | $2,664.17 | $2,433.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,254
Closing costs & prepaids$11,506
Usable credit−$0
Total buyer cash needed$27,760
Earnest money paid−$0
Remaining funds due$27,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (6 days)$314.83
Prepaid interest, second (6 days)$76.13
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 7.1%
Interest already paid$46,924Through Dec 2026
Assumption only · ends Jul 2054$374,051
Assumption + second · ends Jul 2054, second Jan 2057$478,119
New conventional · ends Jan 2057$453,105