Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,642/mo
Lowest payment- Down payment
- $70,810
- Funds due
- $81,388
- Interest + MI left
- $441,667
- First ends
- Jan 2054
Assumption
Assumption + second
$2,892/mo
+$249/mo- Down payment
- $39,810
- Funds due
- $51,653
- Interest + MI left
- $500,463
- First ends
- Jan 2054
New loan
New conventional
$2,754/mo
+$111/mo- Down payment
- $39,810
- Funds due
- $48,206
- Interest + MI left
- $531,017
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,190 | $319,190 | $350,190 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,232.75 | $2,232.75 | $2,424.64 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $150.76 | $150.76 | $70.04 |
| Taxes, insurance & HOA | $258.92 | $258.92 | $258.92 |
| Total housing payment | $2,642.43 | $2,891.86 | $2,753.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,810
Closing costs & prepaids$11,843
Usable credit−$0
Total buyer cash needed$51,653
Earnest money paid−$0
Remaining funds due$51,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,900.00
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)$326.75
Prepaid interest, first (2 days)$125.93
Prepaid interest, second (2 days)$15.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.200%
Interest already paid$66,171Through Nov 2026
Assumption only · ends Jan 2054$441,667
Assumption + second · ends Jan 2054, second Dec 2056$500,463
New conventional · ends Dec 2056$531,017