Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,577/mo
Lowest payment- Down payment
- $85,144
- Funds due
- $95,707
- Interest + MI left
- $432,150
- First ends
- Feb 2054
Assumption
Assumption + second
$2,947/mo
+$370/mo- Down payment
- $39,144
- Funds due
- $50,969
- Interest + MI left
- $519,395
- First ends
- Feb 2054
New loan
New conventional
$2,756/mo
+$179/mo- Down payment
- $39,144
- Funds due
- $47,525
- Interest + MI left
- $524,437
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,851 | $299,851 | $345,851 |
| Second mortgage | — | $46,000 | — |
| First P&I | $2,143.04 | $2,143.04 | $2,394.60 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $141.31 | $141.31 | $69.17 |
| Taxes, insurance & HOA | $292.50 | $292.50 | $292.50 |
| Total housing payment | $2,576.84 | $2,946.97 | $2,756.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,144
Closing costs & prepaids$11,825
Usable credit−$0
Total buyer cash needed$50,969
Earnest money paid−$0
Remaining funds due$50,969
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.95
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)$427.50
Prepaid interest, first (1 days)$61.12
Prepaid interest, second (1 days)$11.34
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$62,270Through Nov 2026
Assumption only · ends Feb 2054$432,150
Assumption + second · ends Feb 2054, second Dec 2056$519,395
New conventional · ends Dec 2056$524,437