Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,506/mo
Lowest payment- Down payment
- $103,375
- Funds due
- $114,652
- Interest + MI left
- $404,761
- First ends
- May 2054
Assumption
Assumption + second
$3,005/mo
+$499/mo- Down payment
- $41,375
- Funds due
- $54,040
- Interest + MI left
- $522,352
- First ends
- May 2054
New loan
New conventional
$2,848/mo
+$342/mo- Down payment
- $41,375
- Funds due
- $50,566
- Interest + MI left
- $531,607
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,625 | $301,625 | $363,625 |
| Second mortgage | — | $62,000 | — |
| First P&I | $2,052.19 | $2,052.19 | $2,463.32 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $142.24 | $142.24 | $72.73 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $2,506.43 | $3,005.29 | $2,848.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,375
Closing costs & prepaids$12,665
Usable credit−$0
Total buyer cash needed$54,040
Earnest money paid−$0
Remaining funds due$54,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Prepaid interest, first (9 days)$516.15
Prepaid interest, second (9 days)$137.59
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 5 moOf the original 30-year loan at 6.94%
Interest already paid$54,906Through Dec 2026
Assumption only · ends May 2054$404,761
Assumption + second · ends May 2054, second Jan 2057$522,352
New conventional · ends Jan 2057$531,607