Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,610/mo
Lowest payment- Down payment
- $47,849
- Funds due
- $57,921
- Interest + MI left
- $456,937
- First ends
- Feb 2054
Assumption
Assumption + second
$2,905/mo
+$296/mo- Down payment
- $18,849
- Funds due
- $30,180
- Interest + MI left
- $534,321
- First ends
- Feb 2054
New loan
New conventional
$2,660/mo
+$50/mo- Down payment
- $18,849
- Funds due
- $26,938
- Interest + MI left
- $526,609
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,051 | $317,051 | $346,051 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,265.96 | $2,265.96 | $2,395.99 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $149.41 | $149.41 | $69.21 |
| Taxes, insurance & HOA | $194.33 | $194.33 | $194.33 |
| Total housing payment | $2,609.71 | $2,905.22 | $2,659.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,849
Closing costs & prepaids$11,331
Usable credit−$0
Total buyer cash needed$30,180
Earnest money paid−$0
Remaining funds due$30,180
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$133.00
Prepaid interest, first (1 days)$64.63
Prepaid interest, second (1 days)$9.43
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 3 moOf the original 30-year loan at 7.440%
Interest already paid$65,841Through Nov 2026
Assumption only · ends Feb 2054$456,937
Assumption + second · ends Feb 2054, second Dec 2056$534,321
New conventional · ends Dec 2056$526,609