Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $137,503
- Funds due
- $147,702
- Interest + MI left
- $298,460
- First ends
- May 2054
Assumption
Assumption + second
$2,615/mo
+$741/mo- Down payment
- $36,503
- Funds due
- $47,974
- Interest + MI left
- $464,257
- First ends
- May 2054
New loan
New conventional
$2,584/mo
+$710/mo- Down payment
- $36,503
- Funds due
- $44,562
- Interest + MI left
- $498,186
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,496 | $227,496 | $328,496 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,522.55 | $1,522.55 | $2,274.44 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $107.26 | $107.26 | $65.70 |
| Taxes, insurance & HOA | $244.17 | $244.17 | $244.17 |
| Total housing payment | $1,873.98 | $2,615.08 | $2,584.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,503
Closing costs & prepaids$11,472
Usable credit−$0
Total buyer cash needed$47,974
Earnest money paid−$0
Remaining funds due$47,974
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.99
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)$282.50
Prepaid interest, first (1 days)$42.26
Prepaid interest, second (1 days)$22.14
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$39,148Through Nov 2026
Assumption only · ends May 2054$298,460
Assumption + second · ends May 2054, second Dec 2056$464,257
New conventional · ends Dec 2056$498,186