Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,089/mo
Lowest payment- Down payment
- $286,158
- Funds due
- $296,739
- Interest + MI left
- $153,314
- First ends
- May 2054
Assumption
Assumption + second
$2,852/mo
+$1,762/mo- Down payment
- $40,158
- Funds due
- $52,042
- Interest + MI left
- $541,769
- First ends
- May 2054
New loan
New conventional
$2,825/mo
+$1,736/mo- Down payment
- $40,158
- Funds due
- $48,590
- Interest + MI left
- $545,725
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $113,842 | $113,842 | $359,842 |
| Second mortgage | — | $246,000 | — |
| First P&I | $773.77 | $773.77 | $2,491.47 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | $53.63 | $53.63 | $71.97 |
| Taxes, insurance & HOA | $261.75 | $261.75 | $261.75 |
| Total housing payment | $1,089.15 | $2,851.53 | $2,825.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,158
Closing costs & prepaids$11,884
Usable credit−$0
Total buyer cash needed$52,042
Earnest money paid−$0
Remaining funds due$52,042
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$335.25
Prepaid interest, first (1 days)$21.65
Prepaid interest, second (1 days)$52.23
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 6.940%
Interest already paid$20,044Through Nov 2026
Assumption only · ends May 2054$153,314
Assumption + second · ends May 2054, second Dec 2056$541,769
New conventional · ends Dec 2056$545,725