Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,579/mo
Lowest payment- Down payment
- $57,013
- Funds due
- $67,384
- Interest + MI left
- $439,756
- First ends
- Sep 2054
Assumption
Assumption + second
$2,966/mo
+$387/mo- Down payment
- $19,013
- Funds due
- $30,646
- Interest + MI left
- $541,155
- First ends
- Sep 2054
New loan
New conventional
$2,816/mo
+$238/mo- Down payment
- $19,013
- Funds due
- $27,406
- Interest + MI left
- $549,410
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $322,987 | $322,987 | $360,987 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,182.33 | $2,182.33 | $2,499.40 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $151.56 | $151.56 | $72.20 |
| Taxes, insurance & HOA | $244.83 | $244.83 | $244.83 |
| Total housing payment | $2,578.73 | $2,965.95 | $2,816.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,013
Closing costs & prepaids$11,633
Usable credit−$0
Total buyer cash needed$30,646
Earnest money paid−$0
Remaining funds due$30,646
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$284.50
Prepaid interest, first (1 days)$61.23
Prepaid interest, second (1 days)$12.36
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 10 moOf the original 30-year loan at 6.920%
Interest already paid$49,040Through Nov 2026
Assumption only · ends Sep 2054$439,756
Assumption + second · ends Sep 2054, second Dec 2056$541,155
New conventional · ends Dec 2056$549,410