Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,699/mo
Lowest payment- Down payment
- $124,574
- Funds due
- $134,658
- Interest + MI left
- $255,972
- First ends
- May 2054
Assumption
Assumption + second
$2,440/mo
+$740/mo- Down payment
- $32,574
- Funds due
- $44,044
- Interest + MI left
- $430,463
- First ends
- May 2054
New loan
New conventional
$2,319/mo
+$620/mo- Down payment
- $32,574
- Funds due
- $40,658
- Interest + MI left
- $427,575
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,426 | $200,426 | $292,426 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,324.62 | $1,324.62 | $1,981.00 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $94.67 | $94.67 | $58.49 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,699.29 | $2,439.55 | $2,319.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,574
Closing costs & prepaids$11,470
Usable credit−$0
Total buyer cash needed$44,044
Earnest money paid−$0
Remaining funds due$44,044
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)$218.77
Prepaid interest, second (6 days)$136.11
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$34,937Through Dec 2026
Assumption only · ends May 2054$255,972
Assumption + second · ends May 2054, second Jan 2057$430,463
New conventional · ends Jan 2057$427,575