Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,428/mo
Lowest payment- Down payment
- $96,832
- Funds due
- $107,635
- Interest + MI left
- $386,013
- First ends
- Aug 2054
Assumption
Assumption + second
$2,902/mo
+$475/mo- Down payment
- $37,832
- Funds due
- $49,914
- Interest + MI left
- $497,915
- First ends
- Aug 2054
New loan
New conventional
$2,792/mo
+$364/mo- Down payment
- $37,832
- Funds due
- $46,486
- Interest + MI left
- $511,338
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $278,168 | $278,168 | $337,168 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,906.94 | $1,906.94 | $2,334.48 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $130.58 | $130.58 | $67.43 |
| Taxes, insurance & HOA | $390.08 | $390.08 | $390.08 |
| Total housing payment | $2,427.60 | $2,902.33 | $2,792.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,832
Closing costs & prepaids$12,082
Usable credit−$0
Total buyer cash needed$49,914
Earnest money paid−$0
Remaining funds due$49,914
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$720.25
Prepaid interest, first (2 days)$107.61
Prepaid interest, second (2 days)$29.10
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 9 moOf the original 30-year loan at 7.060%
Interest already paid$44,756Through Nov 2026
Assumption only · ends Aug 2054$386,013
Assumption + second · ends Aug 2054, second Dec 2056$497,915
New conventional · ends Dec 2056$511,338