Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,465/mo
Lowest payment- Down payment
- $83,535
- Funds due
- $94,575
- Interest + MI left
- $393,968
- First ends
- May 2054
Assumption
Assumption + second
$2,827/mo
+$362/mo- Down payment
- $38,535
- Funds due
- $50,925
- Interest + MI left
- $479,317
- First ends
- May 2054
New loan
New conventional
$2,720/mo
+$254/mo- Down payment
- $38,535
- Funds due
- $47,499
- Interest + MI left
- $506,443
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,365 | $301,365 | $346,365 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,019.03 | $2,019.03 | $2,346.40 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $142.24 | $142.24 | $69.27 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $2,465.27 | $2,827.35 | $2,719.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,535
Closing costs & prepaids$12,390
Usable credit−$0
Total buyer cash needed$50,925
Earnest money paid−$0
Remaining funds due$50,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.00
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 (9 days)$503.82
Prepaid interest, second (9 days)$99.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6.78%
Interest already paid$53,618Through Dec 2026
Assumption only · ends May 2054$393,968
Assumption + second · ends May 2054, second Jan 2057$479,317
New conventional · ends Jan 2057$506,443