Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,849/mo
Lowest payment- Down payment
- $55,703
- Funds due
- $64,993
- Interest + MI left
- $309,573
- First ends
- Oct 2054
Assumption
Assumption + second
$2,050/mo
+$201/mo- Down payment
- $30,703
- Funds due
- $41,249
- Interest + MI left
- $356,989
- First ends
- Oct 2054
New loan
New conventional
$2,075/mo
+$226/mo- Down payment
- $30,703
- Funds due
- $37,897
- Interest + MI left
- $408,352
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,296 | $244,296 | $269,296 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,577.58 | $1,577.58 | $1,864.55 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $114.75 | $114.75 | $53.86 |
| Taxes, insurance & HOA | $157.00 | $157.00 | $157.00 |
| Total housing payment | $1,849.33 | $2,050.49 | $2,075.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,703
Closing costs & prepaids$10,545
Usable credit−$0
Total buyer cash needed$41,249
Earnest money paid−$0
Remaining funds due$41,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$21.00
Prepaid interest, first (1 days)$43.30
Prepaid interest, second (1 days)$6.16
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 11 moOf the original 30-year loan at 6.470%
Interest already paid$33,364Through Nov 2026
Assumption only · ends Oct 2054$309,573
Assumption + second · ends Oct 2054, second Dec 2056$356,989
New conventional · ends Dec 2056$408,352