Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,698/mo
Lowest payment- Down payment
- $140,237
- Funds due
- $152,252
- Interest + MI left
- $380,202
- First ends
- Mar 2054
Assumption
Assumption + second
$3,471/mo
+$772/mo- Down payment
- $44,237
- Funds due
- $57,550
- Interest + MI left
- $562,280
- First ends
- Mar 2054
New loan
New conventional
$3,397/mo
+$698/mo- Down payment
- $44,237
- Funds due
- $54,062
- Interest + MI left
- $600,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,763 | $299,763 | $395,763 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,979.42 | $1,979.42 | $2,740.18 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $141.76 | $141.76 | $79.15 |
| Taxes, insurance & HOA | $577.17 | $577.17 | $577.17 |
| Total housing payment | $2,698.35 | $3,470.79 | $3,396.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,237
Closing costs & prepaids$13,313
Usable credit−$0
Total buyer cash needed$57,550
Earnest money paid−$0
Remaining funds due$57,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$1,281.50
Prepaid interest, first (2 days)$108.74
Prepaid interest, second (2 days)$47.34
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 4 moOf the original 30-year loan at 6.620%
Interest already paid$53,810Through Nov 2026
Assumption only · ends Mar 2054$380,202
Assumption + second · ends Mar 2054, second Dec 2056$562,280
New conventional · ends Dec 2056$600,201