Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,687/mo
Lowest payment- Down payment
- $119,370
- Funds due
- $130,497
- Interest + MI left
- $449,493
- First ends
- Jan 2054
Assumption
Assumption + second
$3,299/mo
+$612/mo- Down payment
- $43,370
- Funds due
- $55,784
- Interest + MI left
- $593,638
- First ends
- Jan 2054
New loan
New conventional
$3,040/mo
+$352/mo- Down payment
- $43,370
- Funds due
- $52,290
- Interest + MI left
- $577,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,630 | $304,630 | $380,630 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,215.81 | $2,215.81 | $2,635.41 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $143.56 | $143.56 | $76.13 |
| Taxes, insurance & HOA | $328.08 | $328.08 | $328.08 |
| Total housing payment | $2,687.45 | $3,298.96 | $3,039.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,370
Closing costs & prepaids$12,414
Usable credit−$0
Total buyer cash needed$55,784
Earnest money paid−$0
Remaining funds due$55,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,240.00
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)$534.25
Prepaid interest, first (2 days)$127.19
Prepaid interest, second (2 days)$37.48
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 7.620%
Interest already paid$66,756Through Nov 2026
Assumption only · ends Jan 2054$449,493
Assumption + second · ends Jan 2054, second Dec 2056$593,638
New conventional · ends Dec 2056$577,175