Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,180/mo
Lowest payment- Down payment
- $115,994
- Funds due
- $126,442
- Interest + MI left
- $356,853
- First ends
- May 2054
Assumption
Assumption + second
$2,799/mo
+$620/mo- Down payment
- $38,994
- Funds due
- $50,730
- Interest + MI left
- $502,895
- First ends
- May 2054
New loan
New conventional
$2,717/mo
+$538/mo- Down payment
- $38,994
- Funds due
- $47,293
- Interest + MI left
- $529,291
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,006 | $272,006 | $349,006 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,820.44 | $1,820.44 | $2,416.45 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $128.25 | $128.25 | $69.80 |
| Taxes, insurance & HOA | $230.83 | $230.83 | $230.83 |
| Total housing payment | $2,179.52 | $2,799.08 | $2,717.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,994
Closing costs & prepaids$11,737
Usable credit−$0
Total buyer cash needed$50,730
Earnest money paid−$0
Remaining funds due$50,730
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,880.00
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)$242.50
Prepaid interest, first (2 days)$101.05
Prepaid interest, second (2 days)$37.97
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 6.780%
Interest already paid$46,807Through Nov 2026
Assumption only · ends May 2054$356,853
Assumption + second · ends May 2054, second Dec 2056$502,895
New conventional · ends Dec 2056$529,291