Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,391/mo
Lowest payment- Down payment
- $62,714
- Funds due
- $73,357
- Interest + MI left
- $395,349
- First ends
- Aug 2054
Assumption
Assumption + second
$2,608/mo
+$217/mo- Down payment
- $35,714
- Funds due
- $47,667
- Interest + MI left
- $446,559
- First ends
- Aug 2054
New loan
New conventional
$2,482/mo
+$91/mo- Down payment
- $35,714
- Funds due
- $44,258
- Interest + MI left
- $459,475
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,286 | $287,286 | $314,286 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,965.69 | $1,965.69 | $2,129.08 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $135.01 | $135.01 | $62.86 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $2,390.70 | $2,607.95 | $2,481.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,714
Closing costs & prepaids$11,953
Usable credit−$0
Total buyer cash needed$47,667
Earnest money paid−$0
Remaining funds due$47,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$497.99
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 8 moOf the original 30-year loan at 7.03%
Interest already paid$47,759Through Dec 2026
Assumption only · ends Aug 2054$395,349
Assumption + second · ends Aug 2054, second Jan 2057$446,559
New conventional · ends Jan 2057$459,475