Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$937/mo
Lowest payment- Down payment
- $301,185
- Funds due
- $311,925
- Interest + MI left
- $117,188
- First ends
- Oct 2054
Assumption
Assumption + second
$2,814/mo
+$1,877/mo- Down payment
- $39,185
- Funds due
- $51,676
- Interest + MI left
- $530,908
- First ends
- Oct 2054
New loan
New conventional
$2,753/mo
+$1,816/mo- Down payment
- $39,185
- Funds due
- $48,207
- Interest + MI left
- $512,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,805 | $88,805 | $350,805 |
| Second mortgage | — | $262,000 | — |
| First P&I | $589.01 | $589.01 | $2,376.48 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | $41.71 | $41.71 | $70.16 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $936.72 | $2,813.72 | $2,752.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,185
Closing costs & prepaids$12,491
Usable credit−$0
Total buyer cash needed$51,676
Earnest money paid−$0
Remaining funds due$51,676
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.90
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)$468.00
Prepaid interest, first (9 days)$147.37
Prepaid interest, second (9 days)$500.67
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 6.73%
Interest already paid$13,119Through Dec 2026
Assumption only · ends Oct 2054$117,188
Assumption + second · ends Oct 2054, second Jan 2057$530,908
New conventional · ends Jan 2057$512,935