Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
Lowest payment- Down payment
- $62,433
- Funds due
- $72,485
- Interest + MI left
- $397,143
- First ends
- Aug 2054
Assumption
Assumption + second
$2,559/mo
+$217/mo- Down payment
- $35,433
- Funds due
- $46,742
- Interest + MI left
- $448,352
- First ends
- Aug 2054
New loan
New conventional
$2,481/mo
+$140/mo- Down payment
- $35,433
- Funds due
- $43,339
- Interest + MI left
- $476,999
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,567 | $287,567 | $314,567 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,965.69 | $1,965.69 | $2,178.00 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $135.01 | $135.01 | $62.91 |
| Taxes, insurance & HOA | $240.58 | $240.58 | $240.58 |
| Total housing payment | $2,341.29 | $2,558.53 | $2,481.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,433
Closing costs & prepaids$11,309
Usable credit−$0
Total buyer cash needed$46,742
Earnest money paid−$0
Remaining funds due$46,742
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$271.75
Prepaid interest, first (1 days)$55.39
Prepaid interest, second (1 days)$6.66
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 9 moOf the original 30-year loan at 7.030%
Interest already paid$46,074Through Nov 2026
Assumption only · ends Aug 2054$397,143
Assumption + second · ends Aug 2054, second Dec 2056$448,352
New conventional · ends Dec 2056$476,999