Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,357/mo
Lowest payment- Down payment
- $62,399
- Funds due
- $72,490
- Interest + MI left
- $390,028
- First ends
- Apr 2054
Assumption
Assumption + second
$2,566/mo
+$209/mo- Down payment
- $36,399
- Funds due
- $47,746
- Interest + MI left
- $439,341
- First ends
- Apr 2054
New loan
New conventional
$2,529/mo
+$172/mo- Down payment
- $36,399
- Funds due
- $44,336
- Interest + MI left
- $492,279
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,601 | $298,601 | $324,601 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,000.51 | $2,000.51 | $2,247.47 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $139.44 | $139.44 | $64.92 |
| Taxes, insurance & HOA | $216.67 | $216.67 | $216.67 |
| Total housing payment | $2,356.62 | $2,565.82 | $2,529.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,399
Closing costs & prepaids$11,347
Usable credit−$0
Total buyer cash needed$47,746
Earnest money paid−$0
Remaining funds due$47,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,610.00
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)$200.00
Prepaid interest, first (1 days)$55.47
Prepaid interest, second (1 days)$6.41
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 5 moOf the original 29-year loan at 6.780%
Interest already paid$32,378Through Nov 2026
Assumption only · ends Apr 2054$390,028
Assumption + second · ends Apr 2054, second Dec 2056$439,341
New conventional · ends Dec 2056$492,279