Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,203/mo
Lowest payment- Down payment
- $50,023
- Funds due
- $59,699
- Interest + MI left
- $370,215
- First ends
- Apr 2054
Assumption
Assumption + second
$2,539/mo
+$336/mo- Down payment
- $17,023
- Funds due
- $27,960
- Interest + MI left
- $458,272
- First ends
- Apr 2054
New loan
New conventional
$2,450/mo
+$247/mo- Down payment
- $17,023
- Funds due
- $24,742
- Interest + MI left
- $491,408
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,877 | $289,877 | $322,877 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,915.82 | $1,915.82 | $2,235.54 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $136.92 | $136.92 | $64.58 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $2,202.74 | $2,539.01 | $2,450.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,023
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$27,960
Earnest money paid−$0
Remaining funds due$27,960
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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
Prepaid interest, first (1 days)$52.73
Prepaid interest, second (1 days)$10.74
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 5 moOf the original 30-year loan at 6.640%
Interest already paid$50,530Through Nov 2026
Assumption only · ends Apr 2054$370,215
Assumption + second · ends Apr 2054, second Dec 2056$458,272
New conventional · ends Dec 2056$491,408