Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,035/mo
Lowest payment- Down payment
- $54,849
- Funds due
- $64,505
- Interest + MI left
- $321,621
- First ends
- May 2054
Assumption
Assumption + second
$2,432/mo
+$397/mo- Down payment
- $15,849
- Funds due
- $26,768
- Interest + MI left
- $425,689
- First ends
- May 2054
New loan
New conventional
$2,303/mo
+$268/mo- Down payment
- $15,849
- Funds due
- $23,559
- Interest + MI left
- $432,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,151 | $245,151 | $284,151 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,640.71 | $1,640.71 | $1,967.40 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $115.59 | $115.59 | $56.83 |
| Taxes, insurance & HOA | $278.50 | $278.50 | $278.50 |
| Total housing payment | $2,034.79 | $2,432.20 | $2,302.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,849
Closing costs & prepaids$10,919
Usable credit−$0
Total buyer cash needed$26,768
Earnest money paid−$0
Remaining funds due$26,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$385.50
Prepaid interest, first (1 days)$45.54
Prepaid interest, second (1 days)$12.69
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 6 moOf the original 30-year loan at 6.780%
Interest already paid$42,186Through Nov 2026
Assumption only · ends May 2054$321,621
Assumption + second · ends May 2054, second Dec 2056$425,689
New conventional · ends Dec 2056$432,355