Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $127,740
- Funds due
- $138,321
- Interest + MI left
- $297,091
- First ends
- May 2054
Assumption
Assumption + second
$2,662/mo
+$740/mo- Down payment
- $35,740
- Funds due
- $47,775
- Interest + MI left
- $471,582
- First ends
- May 2054
New loan
New conventional
$2,519/mo
+$597/mo- Down payment
- $35,740
- Funds due
- $44,349
- Interest + MI left
- $466,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,259 | $227,259 | $319,259 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,522.55 | $1,522.55 | $2,162.77 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $107.26 | $107.26 | $63.85 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,921.81 | $2,662.07 | $2,518.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,740
Closing costs & prepaids$12,035
Usable credit−$0
Total buyer cash needed$47,775
Earnest money paid−$0
Remaining funds due$47,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.99
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)$426.00
Prepaid interest, first (9 days)$379.93
Prepaid interest, second (9 days)$204.16
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$40,433Through Dec 2026
Assumption only · ends May 2054$297,091
Assumption + second · ends May 2054, second Jan 2057$471,582
New conventional · ends Jan 2057$466,809