Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,348/mo
Lowest payment- Down payment
- $107,696
- Funds due
- $118,739
- Interest + MI left
- $336,244
- First ends
- Aug 2054
Assumption
Assumption + second
$2,928/mo
+$579/mo- Down payment
- $35,696
- Funds due
- $48,007
- Interest + MI left
- $472,803
- First ends
- Aug 2054
New loan
New conventional
$2,813/mo
+$464/mo- Down payment
- $35,696
- Funds due
- $44,599
- Interest + MI left
- $476,600
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,304 | $242,304 | $314,304 |
| Second mortgage | — | $72,000 | — |
| First P&I | $1,661.08 | $1,661.08 | $2,176.18 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $113.74 | $113.74 | $62.86 |
| Taxes, insurance & HOA | $573.67 | $573.67 | $573.67 |
| Total housing payment | $2,348.49 | $2,927.82 | $2,812.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,696
Closing costs & prepaids$12,311
Usable credit−$0
Total buyer cash needed$48,007
Earnest money paid−$0
Remaining funds due$48,007
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$1,271.00
Prepaid interest, first (1 days)$46.87
Prepaid interest, second (1 days)$17.75
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$38,985Through Nov 2026
Assumption only · ends Aug 2054$336,244
Assumption + second · ends Aug 2054, second Dec 2056$472,803
New conventional · ends Dec 2056$476,600