Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $42,396
- Funds due
- $51,421
- Interest + MI left
- $268,512
- First ends
- Jun 2054
Assumption
Assumption + second
$2,015/mo
+$306/mo- Down payment
- $12,396
- Funds due
- $22,680
- Interest + MI left
- $348,564
- First ends
- Jun 2054
New loan
New conventional
$1,911/mo
+$202/mo- Down payment
- $12,396
- Funds due
- $19,506
- Interest + MI left
- $353,969
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,604 | $202,604 | $232,604 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,359.82 | $1,359.82 | $1,610.50 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $95.41 | $95.41 | $46.52 |
| Taxes, insurance & HOA | $253.83 | $253.83 | $253.83 |
| Total housing payment | $1,709.06 | $2,014.76 | $1,910.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,396
Closing costs & prepaids$10,284
Usable credit−$0
Total buyer cash needed$22,680
Earnest money paid−$0
Remaining funds due$22,680
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$311.50
Prepaid interest, first (1 days)$37.86
Prepaid interest, second (1 days)$9.76
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 7 moOf the original 30-year loan at 6.820%
Interest already paid$33,879Through Nov 2026
Assumption only · ends Jun 2054$268,512
Assumption + second · ends Jun 2054, second Dec 2056$348,564
New conventional · ends Dec 2056$353,969