Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $57,141
- Funds due
- $67,077
- Interest + MI left
- $316,294
- First ends
- Feb 2054
Assumption
Assumption + second
$2,223/mo
+$217/mo- Down payment
- $30,141
- Funds due
- $41,387
- Interest + MI left
- $367,503
- First ends
- Feb 2054
New loan
New conventional
$2,115/mo
+$110/mo- Down payment
- $30,141
- Funds due
- $38,037
- Interest + MI left
- $387,215
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,859 | $237,859 | $264,859 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,624.89 | $1,624.89 | $1,794.25 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $112.51 | $112.51 | $52.97 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $2,005.40 | $2,222.65 | $2,115.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,141
Closing costs & prepaids$11,247
Usable credit−$0
Total buyer cash needed$41,387
Earnest money paid−$0
Remaining funds due$41,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$354.00
Prepaid interest, first (9 days)$407.62
Prepaid interest, second (9 days)$59.92
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 2 moOf the original 30-year loan at 6.95%
Interest already paid$47,634Through Dec 2026
Assumption only · ends Feb 2054$316,294
Assumption + second · ends Feb 2054, second Jan 2057$367,503
New conventional · ends Jan 2057$387,215