Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,686/mo
Lowest payment- Down payment
- $78,507
- Funds due
- $89,270
- Interest + MI left
- $472,172
- First ends
- Dec 2054
Assumption
Assumption + second
$2,976/mo
+$290/mo- Down payment
- $42,507
- Funds due
- $54,538
- Interest + MI left
- $540,451
- First ends
- Dec 2054
New loan
New conventional
$2,909/mo
+$222/mo- Down payment
- $42,507
- Funds due
- $51,068
- Interest + MI left
- $572,418
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,493 | $341,493 | $377,493 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,307.35 | $2,307.35 | $2,613.69 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $159.76 | $159.76 | $75.50 |
| Taxes, insurance & HOA | $219.33 | $219.33 | $219.33 |
| Total housing payment | $2,686.45 | $2,976.11 | $2,908.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,507
Closing costs & prepaids$12,031
Usable credit−$0
Total buyer cash needed$54,538
Earnest money paid−$0
Remaining funds due$54,538
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$208.00
Prepaid interest, first (2 days)$130.05
Prepaid interest, second (2 days)$17.75
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 closing28 yr 1 moOf the original 30-year loan at 6.950%
Interest already paid$45,992Through Nov 2026
Assumption only · ends Dec 2054$472,172
Assumption + second · ends Dec 2054, second Dec 2056$540,451
New conventional · ends Dec 2056$572,418