Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,014/mo
Lowest payment- Down payment
- $58,030
- Funds due
- $69,319
- Interest + MI left
- $475,550
- First ends
- Feb 2054
Assumption
Assumption + second
$3,401/mo
+$387/mo- Down payment
- $20,030
- Funds due
- $32,594
- Interest + MI left
- $576,949
- First ends
- Feb 2054
New loan
New conventional
$3,110/mo
+$96/mo- Down payment
- $20,030
- Funds due
- $29,333
- Interest + MI left
- $555,399
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,970 | $326,970 | $364,970 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,349.92 | $2,349.92 | $2,526.98 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $154.04 | $154.04 | $72.99 |
| Taxes, insurance & HOA | $510.08 | $510.08 | $510.08 |
| Total housing payment | $3,014.04 | $3,401.26 | $3,110.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,030
Closing costs & prepaids$12,564
Usable credit−$0
Total buyer cash needed$32,594
Earnest money paid−$0
Remaining funds due$32,594
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$1,080.25
Prepaid interest, first (2 days)$134.37
Prepaid interest, second (2 days)$24.73
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$68,438Through Nov 2026
Assumption only · ends Feb 2054$475,550
Assumption + second · ends Feb 2054, second Dec 2056$576,949
New conventional · ends Dec 2056$555,399