Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,786/mo
Lowest payment- Down payment
- $61,090
- Funds due
- $72,124
- Interest + MI left
- $425,353
- First ends
- Dec 2053
Assumption
Assumption + second
$3,214/mo
+$428/mo- Down payment
- $19,090
- Funds due
- $31,402
- Interest + MI left
- $537,426
- First ends
- Dec 2053
New loan
New conventional
$2,998/mo
+$212/mo- Down payment
- $19,090
- Funds due
- $28,156
- Interest + MI left
- $541,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,910 | $313,910 | $355,910 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,175.35 | $2,175.35 | $2,464.25 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $148.51 | $148.51 | $71.18 |
| Taxes, insurance & HOA | $462.50 | $462.50 | $462.50 |
| Total housing payment | $2,786.36 | $3,214.34 | $2,997.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,090
Closing costs & prepaids$12,312
Usable credit−$0
Total buyer cash needed$31,402
Earnest money paid−$0
Remaining funds due$31,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$937.50
Prepaid interest, first (2 days)$121.95
Prepaid interest, second (2 days)$27.33
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 1 moOf the original 30-year loan at 7.090%
Interest already paid$66,025Through Nov 2026
Assumption only · ends Dec 2053$425,353
Assumption + second · ends Dec 2053, second Dec 2056$537,426
New conventional · ends Dec 2056$541,612