Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,212/mo
Lowest payment- Down payment
- $70,462
- Funds due
- $81,593
- Interest + MI left
- $260,555
- First ends
- Mar 2054
Assumption
Assumption + second
$2,550/mo
+$338/mo- Down payment
- $28,462
- Funds due
- $40,936
- Interest + MI left
- $340,214
- First ends
- Mar 2054
New loan
New conventional
$2,476/mo
+$264/mo- Down payment
- $28,462
- Funds due
- $37,609
- Interest + MI left
- $360,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,438 | $204,438 | $246,438 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,358.02 | $1,358.02 | $1,669.46 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $96.76 | $96.76 | $49.29 |
| Taxes, insurance & HOA | $757.00 | $757.00 | $757.00 |
| Total housing payment | $2,211.77 | $2,549.71 | $2,475.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,462
Closing costs & prepaids$12,474
Usable credit−$0
Total buyer cash needed$40,936
Earnest money paid−$0
Remaining funds due$40,936
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$330.00
Initial HOA (3 months)$1,491.00
Prepaid interest, first (9 days)$336.23
Prepaid interest, second (9 days)$93.21
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 3 moOf the original 30-year loan at 6.67%
Interest already paid$38,148Through Dec 2026
Assumption only · ends Mar 2054$260,555
Assumption + second · ends Mar 2054, second Jan 2057$340,214
New conventional · ends Jan 2057$360,235