Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,768/mo
Lowest payment- Down payment
- $103,910
- Funds due
- $115,245
- Interest + MI left
- $435,418
- First ends
- Jan 2054
Assumption
Assumption + second
$3,283/mo
+$515/mo- Down payment
- $39,910
- Funds due
- $52,527
- Interest + MI left
- $556,803
- First ends
- Jan 2054
New loan
New conventional
$3,041/mo
+$273/mo- Down payment
- $39,910
- Funds due
- $49,069
- Interest + MI left
- $544,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,090 | $295,090 | $359,090 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,146.42 | $2,146.42 | $2,486.27 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $139.06 | $139.06 | $71.82 |
| Taxes, insurance & HOA | $482.50 | $482.50 | $482.50 |
| Total housing payment | $2,767.98 | $3,282.94 | $3,040.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,910
Closing costs & prepaids$12,617
Usable credit−$0
Total buyer cash needed$52,527
Earnest money paid−$0
Remaining funds due$52,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$997.50
Prepaid interest, first (2 days)$123.21
Prepaid interest, second (2 days)$31.56
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$64,666Through Nov 2026
Assumption only · ends Jan 2054$435,418
Assumption + second · ends Jan 2054, second Dec 2056$556,803
New conventional · ends Dec 2056$544,584