Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,441/mo
Lowest payment- Down payment
- $298,849
- Funds due
- $310,289
- Interest + MI left
- $198,587
- First ends
- Sep 2054
Assumption
Assumption + second
$3,261/mo
+$1,820/mo- Down payment
- $44,849
- Funds due
- $57,647
- Interest + MI left
- $599,675
- First ends
- Sep 2054
New loan
New conventional
$3,240/mo
+$1,799/mo- Down payment
- $44,849
- Funds due
- $54,147
- Interest + MI left
- $608,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,051 | $147,051 | $401,051 |
| Second mortgage | — | $254,000 | — |
| First P&I | $988.77 | $988.77 | $2,776.80 |
| Second P&I | — | $1,819.69 | — |
| Mortgage insurance | $69.02 | $69.02 | $80.21 |
| Taxes, insurance & HOA | $383.33 | $383.33 | $383.33 |
| Total housing payment | $1,441.12 | $3,260.81 | $3,240.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,849
Closing costs & prepaids$12,797
Usable credit−$0
Total buyer cash needed$57,647
Earnest money paid−$0
Remaining funds due$57,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,459.00
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)$700.00
Prepaid interest, first (2 days)$55.36
Prepaid interest, second (2 days)$107.86
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$22,169Through Nov 2026
Assumption only · ends Sep 2054$198,587
Assumption + second · ends Sep 2054, second Dec 2056$599,675
New conventional · ends Dec 2056$608,221