Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,447/mo
Lowest payment- Down payment
- $42,678
- Funds due
- $52,672
- Interest + MI left
- $416,147
- First ends
- Jul 2054
Assumption
Assumption + second
$2,702/mo
+$255/mo- Down payment
- $17,678
- Funds due
- $28,930
- Interest + MI left
- $482,857
- First ends
- Jul 2054
New loan
New conventional
$2,584/mo
+$136/mo- Down payment
- $17,678
- Funds due
- $25,704
- Interest + MI left
- $504,195
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,322 | $306,322 | $331,322 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,079.87 | $2,079.87 | $2,294.01 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $144.01 | $144.01 | $66.26 |
| Taxes, insurance & HOA | $223.42 | $223.42 | $223.42 |
| Total housing payment | $2,447.29 | $2,702.04 | $2,583.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,678
Closing costs & prepaids$11,252
Usable credit−$0
Total buyer cash needed$28,930
Earnest money paid−$0
Remaining funds due$28,930
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,490.00
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)$220.25
Prepaid interest, first (1 days)$58.33
Prepaid interest, second (1 days)$8.13
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 8 moOf the original 30-year loan at 6.950%
Interest already paid$50,354Through Nov 2026
Assumption only · ends Jul 2054$416,147
Assumption + second · ends Jul 2054, second Dec 2056$482,857
New conventional · ends Dec 2056$504,195