Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $57,333
- Funds due
- $68,365
- Interest + MI left
- $437,771
- First ends
- Sep 2054
Assumption
Assumption + second
$3,023/mo
+$387/mo- Down payment
- $19,333
- Funds due
- $31,726
- Interest + MI left
- $539,170
- First ends
- Sep 2054
New loan
New conventional
$2,817/mo
+$182/mo- Down payment
- $19,333
- Funds due
- $28,459
- Interest + MI left
- $529,302
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,667 | $322,667 | $360,667 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,182.33 | $2,182.33 | $2,443.28 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $151.56 | $151.56 | $72.13 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $2,635.90 | $3,023.12 | $2,817.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,333
Closing costs & prepaids$12,393
Usable credit−$0
Total buyer cash needed$31,726
Earnest money paid−$0
Remaining funds due$31,726
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Prepaid interest, first (9 days)$550.57
Prepaid interest, second (9 days)$111.27
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$50,903Through Dec 2026
Assumption only · ends Sep 2054$437,771
Assumption + second · ends Sep 2054, second Jan 2057$539,170
New conventional · ends Jan 2057$529,302