Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,359/mo
Lowest payment- Down payment
- $90,440
- Funds due
- $101,063
- Interest + MI left
- $362,818
- First ends
- Feb 2054
Assumption
Assumption + second
$2,810/mo
+$451/mo- Down payment
- $34,440
- Funds due
- $46,340
- Interest + MI left
- $469,030
- First ends
- Feb 2054
New loan
New conventional
$2,625/mo
+$266/mo- Down payment
- $34,440
- Funds due
- $42,939
- Interest + MI left
- $463,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,460 | $249,460 | $305,460 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,792.86 | $1,792.86 | $2,114.94 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $117.52 | $117.52 | $61.09 |
| Taxes, insurance & HOA | $448.67 | $448.67 | $448.67 |
| Total housing payment | $2,359.04 | $2,809.63 | $2,624.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,440
Closing costs & prepaids$11,900
Usable credit−$0
Total buyer cash needed$46,340
Earnest money paid−$0
Remaining funds due$46,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$896.00
Prepaid interest, first (2 days)$102.52
Prepaid interest, second (2 days)$27.62
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 3 moOf the original 30-year loan at 7.500%
Interest already paid$52,214Through Nov 2026
Assumption only · ends Feb 2054$362,818
Assumption + second · ends Feb 2054, second Dec 2056$469,030
New conventional · ends Dec 2056$463,190