Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,212/mo
+$77/mo- Down payment
- $57,336
- Funds due
- $69,028
- Interest + MI left
- $554,292
- First ends
- Jan 2054
Assumption
Assumption + second
$3,579/mo
+$443/mo- Down payment
- $21,336
- Funds due
- $34,383
- Interest + MI left
- $650,354
- First ends
- Jan 2054
New loan
New conventional
$3,135/mo
Lowest payment- Down payment
- $21,336
- Funds due
- $31,022
- Interest + MI left
- $592,403
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,664 | $367,664 | $403,664 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,718.68 | $2,718.68 | $2,734.56 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $173.26 | $173.26 | $80.73 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $3,211.94 | $3,578.78 | $3,135.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,336
Closing costs & prepaids$13,047
Usable credit−$0
Total buyer cash needed$34,383
Earnest money paid−$0
Remaining funds due$34,383
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (9 days)$706.22
Prepaid interest, second (9 days)$105.41
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 1 moOf the original 30-year loan at 7.79%
Interest already paid$84,791Through Dec 2026
Assumption only · ends Jan 2054$554,292
Assumption + second · ends Jan 2054, second Jan 2057$650,354
New conventional · ends Jan 2057$592,403