Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,522/mo
Lowest payment- Down payment
- $108,808
- Funds due
- $120,094
- Interest + MI left
- $409,204
- First ends
- Feb 2054
Assumption
Assumption + second
$3,069/mo
+$547/mo- Down payment
- $40,808
- Funds due
- $53,495
- Interest + MI left
- $538,175
- First ends
- Feb 2054
New loan
New conventional
$2,852/mo
+$330/mo- Down payment
- $40,808
- Funds due
- $50,006
- Interest + MI left
- $532,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,192 | $296,192 | $364,192 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,069.94 | $2,069.94 | $2,467.16 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $139.91 | $139.91 | $72.84 |
| Taxes, insurance & HOA | $312.00 | $312.00 | $312.00 |
| Total housing payment | $2,521.84 | $3,068.98 | $2,852.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,808
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$53,495
Earnest money paid−$0
Remaining funds due$53,495
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)$525.11
Prepaid interest, second (9 days)$150.90
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 2 moOf the original 30-year loan at 7.19%
Interest already paid$61,320Through Dec 2026
Assumption only · ends Feb 2054$409,204
Assumption + second · ends Feb 2054, second Jan 2057$538,175
New conventional · ends Jan 2057$532,509