Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,232/mo
Lowest payment- Down payment
- $41,228
- Funds due
- $50,943
- Interest + MI left
- $371,325
- First ends
- Jul 2054
Assumption
Assumption + second
$2,487/mo
+$255/mo- Down payment
- $16,228
- Funds due
- $27,201
- Interest + MI left
- $438,035
- First ends
- Jul 2054
New loan
New conventional
$2,374/mo
+$143/mo- Down payment
- $16,228
- Funds due
- $23,990
- Interest + MI left
- $454,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,772 | $273,772 | $298,772 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,857.07 | $1,857.07 | $2,068.64 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $128.71 | $128.71 | $59.75 |
| Taxes, insurance & HOA | $246.08 | $246.08 | $246.08 |
| Total housing payment | $2,231.86 | $2,486.61 | $2,374.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,228
Closing costs & prepaids$10,973
Usable credit−$0
Total buyer cash needed$27,201
Earnest money paid−$0
Remaining funds due$27,201
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$288.25
Prepaid interest, first (1 days)$52.05
Prepaid interest, second (1 days)$8.13
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 6.940%
Interest already paid$44,940Through Nov 2026
Assumption only · ends Jul 2054$371,325
Assumption + second · ends Jul 2054, second Dec 2056$438,035
New conventional · ends Dec 2056$454,661