Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,958/mo
Lowest payment- Down payment
- $45,964
- Funds due
- $55,826
- Interest + MI left
- $308,164
- First ends
- Oct 2054
Assumption
Assumption + second
$2,274/mo
+$316/mo- Down payment
- $14,964
- Funds due
- $26,167
- Interest + MI left
- $390,884
- First ends
- Oct 2054
New loan
New conventional
$2,184/mo
+$226/mo- Down payment
- $14,964
- Funds due
- $22,974
- Interest + MI left
- $403,577
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,035 | $244,035 | $275,035 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,577.58 | $1,577.58 | $1,863.18 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $114.75 | $114.75 | $55.01 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $1,958.33 | $2,274.22 | $2,184.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,964
Closing costs & prepaids$11,203
Usable credit−$0
Total buyer cash needed$26,167
Earnest money paid−$0
Remaining funds due$26,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.99
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)$348.00
Prepaid interest, first (9 days)$389.32
Prepaid interest, second (9 days)$90.77
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 10 moOf the original 30-year loan at 6.47%
Interest already paid$34,681Through Dec 2026
Assumption only · ends Oct 2054$308,164
Assumption + second · ends Oct 2054, second Jan 2057$390,884
New conventional · ends Jan 2057$403,577