Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,513/mo
Lowest payment- Down payment
- $42,984
- Funds due
- $53,642
- Interest + MI left
- $414,258
- First ends
- Jul 2054
Assumption
Assumption + second
$2,768/mo
+$255/mo- Down payment
- $17,984
- Funds due
- $29,965
- Interest + MI left
- $480,969
- First ends
- Jul 2054
New loan
New conventional
$2,598/mo
+$85/mo- Down payment
- $17,984
- Funds due
- $26,724
- Interest + MI left
- $485,721
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,016 | $306,016 | $331,016 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,079.87 | $2,079.87 | $2,242.42 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $144.01 | $144.01 | $66.20 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $2,513.46 | $2,768.21 | $2,598.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,984
Closing costs & prepaids$11,981
Usable credit−$0
Total buyer cash needed$29,965
Earnest money paid−$0
Remaining funds due$29,965
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$418.75
Prepaid interest, first (9 days)$524.42
Prepaid interest, second (9 days)$73.20
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 7 moOf the original 30-year loan at 6.95%
Interest already paid$52,128Through Dec 2026
Assumption only · ends Jul 2054$414,258
Assumption + second · ends Jul 2054, second Jan 2057$480,969
New conventional · ends Jan 2057$485,721