Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,690/mo
Lowest payment- Down payment
- $71,128
- Funds due
- $82,287
- Interest + MI left
- $439,638
- First ends
- Jan 2054
Assumption
Assumption + second
$2,947/mo
+$257/mo- Down payment
- $39,128
- Funds due
- $51,608
- Interest + MI left
- $500,331
- First ends
- Jan 2054
New loan
New conventional
$2,753/mo
+$64/mo- Down payment
- $39,128
- Funds due
- $48,151
- Interest + MI left
- $513,033
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,872 | $318,872 | $350,872 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,232.75 | $2,232.75 | $2,376.93 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $150.76 | $150.76 | $70.17 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $2,689.51 | $2,946.99 | $2,753.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,128
Closing costs & prepaids$12,480
Usable credit−$0
Total buyer cash needed$51,608
Earnest money paid−$0
Remaining funds due$51,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$468.00
Prepaid interest, first (9 days)$566.11
Prepaid interest, second (9 days)$71.01
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 1 moOf the original 30-year loan at 7.2%
Interest already paid$68,086Through Dec 2026
Assumption only · ends Jan 2054$439,638
Assumption + second · ends Jan 2054, second Jan 2057$500,331
New conventional · ends Jan 2057$513,033