Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,965/mo
Lowest payment- Down payment
- $50,821
- Funds due
- $62,105
- Interest + MI left
- $466,292
- First ends
- Aug 2054
Assumption
Assumption + second
$3,281/mo
+$316/mo- Down payment
- $19,821
- Funds due
- $32,376
- Interest + MI left
- $549,012
- First ends
- Aug 2054
New loan
New conventional
$3,126/mo
+$162/mo- Down payment
- $19,821
- Funds due
- $29,127
- Interest + MI left
- $561,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,179 | $338,179 | $369,179 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,309.44 | $2,309.44 | $2,556.12 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $158.78 | $158.78 | $73.84 |
| Taxes, insurance & HOA | $496.50 | $496.50 | $496.50 |
| Total housing payment | $2,964.71 | $3,280.60 | $3,126.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,821
Closing costs & prepaids$12,555
Usable credit−$0
Total buyer cash needed$32,376
Earnest money paid−$0
Remaining funds due$32,376
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$1,039.50
Prepaid interest, first (2 days)$130.08
Prepaid interest, second (2 days)$20.17
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 9 moOf the original 30-year loan at 7.020%
Interest already paid$54,108Through Nov 2026
Assumption only · ends Aug 2054$466,292
Assumption + second · ends Aug 2054, second Dec 2056$549,012
New conventional · ends Dec 2056$561,805