Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,240/mo
Lowest payment- Down payment
- $59,764
- Funds due
- $70,085
- Interest + MI left
- $328,548
- First ends
- Sep 2054
Assumption
Assumption + second
$2,473/mo
+$233/mo- Down payment
- $30,764
- Funds due
- $42,342
- Interest + MI left
- $383,551
- First ends
- Sep 2054
New loan
New conventional
$2,417/mo
+$177/mo- Down payment
- $30,764
- Funds due
- $38,985
- Interest + MI left
- $408,109
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,136 | $240,136 | $269,136 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,627.25 | $1,627.25 | $1,863.44 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $112.67 | $112.67 | $53.83 |
| Taxes, insurance & HOA | $500.17 | $500.17 | $500.17 |
| Total housing payment | $2,240.09 | $2,473.43 | $2,417.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,764
Closing costs & prepaids$11,577
Usable credit−$0
Total buyer cash needed$42,342
Earnest money paid−$0
Remaining funds due$42,342
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$1,050.50
Prepaid interest, first (1 days)$45.72
Prepaid interest, second (1 days)$7.15
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 10 moOf the original 30-year loan at 6.950%
Interest already paid$36,616Through Nov 2026
Assumption only · ends Sep 2054$328,548
Assumption + second · ends Sep 2054, second Dec 2056$383,551
New conventional · ends Dec 2056$408,109