Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,150/mo
Lowest payment- Down payment
- $97,053
- Funds due
- $108,002
- Interest + MI left
- $264,854
- First ends
- May 2054
Assumption
Assumption + second
$2,689/mo
+$539/mo- Down payment
- $30,053
- Funds due
- $42,285
- Interest + MI left
- $391,929
- First ends
- May 2054
New loan
New conventional
$2,604/mo
+$454/mo- Down payment
- $30,053
- Funds due
- $38,934
- Interest + MI left
- $401,757
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,947 | $197,947 | $264,947 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,340.25 | $1,340.25 | $1,834.44 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $93.27 | $93.27 | $52.99 |
| Taxes, insurance & HOA | $716.50 | $716.50 | $716.50 |
| Total housing payment | $2,150.02 | $2,689.12 | $2,603.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,053
Closing costs & prepaids$12,232
Usable credit−$0
Total buyer cash needed$42,285
Earnest money paid−$0
Remaining funds due$42,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$1,699.50
Prepaid interest, first (2 days)$74.84
Prepaid interest, second (2 days)$33.04
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 6 moOf the original 30-year loan at 6.900%
Interest already paid$34,654Through Nov 2026
Assumption only · ends May 2054$264,854
Assumption + second · ends May 2054, second Dec 2056$391,929
New conventional · ends Dec 2056$401,757