Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,196/mo
Lowest payment- Down payment
- $53,067
- Funds due
- $62,987
- Interest + MI left
- $345,001
- First ends
- May 2054
Assumption
Assumption + second
$2,573/mo
+$377/mo- Down payment
- $16,067
- Funds due
- $27,249
- Interest + MI left
- $443,732
- First ends
- May 2054
New loan
New conventional
$2,464/mo
+$268/mo- Down payment
- $16,067
- Funds due
- $24,040
- Interest + MI left
- $462,576
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,933 | $266,933 | $303,933 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,770.92 | $1,770.92 | $2,104.37 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $125.92 | $125.92 | $60.79 |
| Taxes, insurance & HOA | $298.92 | $298.92 | $298.92 |
| Total housing payment | $2,195.75 | $2,572.78 | $2,464.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,067
Closing costs & prepaids$11,183
Usable credit−$0
Total buyer cash needed$27,249
Earnest money paid−$0
Remaining funds due$27,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$446.75
Prepaid interest, first (1 days)$48.93
Prepaid interest, second (1 days)$12.04
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 6.690%
Interest already paid$45,336Through Nov 2026
Assumption only · ends May 2054$345,001
Assumption + second · ends May 2054, second Dec 2056$443,732
New conventional · ends Dec 2056$462,576