Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,651/mo
Lowest payment- Down payment
- $146,942
- Funds due
- $156,825
- Interest + MI left
- $263,825
- First ends
- Feb 2054
Assumption
Assumption + second
$2,480/mo
+$829/mo- Down payment
- $33,942
- Funds due
- $45,099
- Interest + MI left
- $449,321
- First ends
- Feb 2054
New loan
New conventional
$2,366/mo
+$714/mo- Down payment
- $33,942
- Funds due
- $41,708
- Interest + MI left
- $448,873
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,058 | $183,058 | $296,058 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,308.32 | $1,308.32 | $2,049.85 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | $86.27 | $86.27 | $59.21 |
| Taxes, insurance & HOA | $256.75 | $256.75 | $256.75 |
| Total housing payment | $1,651.33 | $2,480.49 | $2,365.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,942
Closing costs & prepaids$11,157
Usable credit−$0
Total buyer cash needed$45,099
Earnest money paid−$0
Remaining funds due$45,099
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$320.25
Prepaid interest, first (1 days)$37.31
Prepaid interest, second (1 days)$24.77
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$38,015Through Nov 2026
Assumption only · ends Feb 2054$263,825
Assumption + second · ends Feb 2054, second Dec 2056$449,321
New conventional · ends Dec 2056$448,873