Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,504/mo
Lowest payment- Down payment
- $75,293
- Funds due
- $86,173
- Interest + MI left
- $408,693
- First ends
- Oct 2054
Assumption
Assumption + second
$2,793/mo
+$290/mo- Down payment
- $39,293
- Funds due
- $51,476
- Interest + MI left
- $476,972
- First ends
- Oct 2054
New loan
New conventional
$2,715/mo
+$211/mo- Down payment
- $39,293
- Funds due
- $48,045
- Interest + MI left
- $505,412
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $309,707 | $309,707 | $345,707 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,054.19 | $2,054.19 | $2,341.94 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $145.46 | $145.46 | $69.14 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $2,503.64 | $2,793.31 | $2,715.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,293
Closing costs & prepaids$12,183
Usable credit−$0
Total buyer cash needed$51,476
Earnest money paid−$0
Remaining funds due$51,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Prepaid interest, first (6 days)$342.63
Prepaid interest, second (6 days)$53.26
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 10 moOf the original 30-year loan at 6.73%
Interest already paid$45,753Through Dec 2026
Assumption only · ends Oct 2054$408,693
Assumption + second · ends Oct 2054, second Jan 2057$476,972
New conventional · ends Jan 2057$505,412