Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $88,756
- Funds due
- $99,054
- Interest + MI left
- $319,534
- First ends
- Jul 2054
Assumption
Assumption + second
$2,456/mo
+$451/mo- Down payment
- $32,756
- Funds due
- $44,429
- Interest + MI left
- $425,746
- First ends
- Jul 2054
New loan
New conventional
$2,337/mo
+$332/mo- Down payment
- $32,756
- Funds due
- $41,043
- Interest + MI left
- $430,964
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,744 | $238,744 | $294,744 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,611.72 | $1,611.72 | $1,996.70 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $112.39 | $112.39 | $58.95 |
| Taxes, insurance & HOA | $281.00 | $281.00 | $281.00 |
| Total housing payment | $2,005.11 | $2,455.70 | $2,336.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,756
Closing costs & prepaids$11,672
Usable credit−$0
Total buyer cash needed$44,429
Earnest money paid−$0
Remaining funds due$44,429
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,275.00
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)$393.00
Prepaid interest, first (9 days)$405.01
Prepaid interest, second (9 days)$124.27
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 6.88%
Interest already paid$40,267Through Dec 2026
Assumption only · ends Jul 2054$319,534
Assumption + second · ends Jul 2054, second Jan 2057$425,746
New conventional · ends Jan 2057$430,964