Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,524/mo
Lowest payment- Down payment
- $88,357
- Funds due
- $99,089
- Interest + MI left
- $423,733
- First ends
- Oct 2054
Assumption
Assumption + second
$2,910/mo
+$386/mo- Down payment
- $40,357
- Funds due
- $52,363
- Interest + MI left
- $514,772
- First ends
- Oct 2054
New loan
New conventional
$2,842/mo
+$318/mo- Down payment
- $40,357
- Funds due
- $48,914
- Interest + MI left
- $545,423
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,643 | $311,643 | $359,643 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,097.49 | $2,097.49 | $2,490.10 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $146.12 | $146.12 | $71.93 |
| Taxes, insurance & HOA | $279.92 | $279.92 | $279.92 |
| Total housing payment | $2,523.52 | $2,909.74 | $2,841.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,357
Closing costs & prepaids$12,006
Usable credit−$0
Total buyer cash needed$52,363
Earnest money paid−$0
Remaining funds due$52,363
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$389.75
Prepaid interest, first (2 days)$117.66
Prepaid interest, second (2 days)$23.67
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 11 moOf the original 30-year loan at 6.890%
Interest already paid$45,280Through Nov 2026
Assumption only · ends Oct 2054$423,733
Assumption + second · ends Oct 2054, second Dec 2056$514,772
New conventional · ends Dec 2056$545,423