Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,352/mo
Lowest payment- Down payment
- $68,753
- Funds due
- $79,344
- Interest + MI left
- $384,698
- First ends
- Sep 2054
Assumption
Assumption + second
$2,634/mo
+$282/mo- Down payment
- $33,753
- Funds due
- $45,671
- Interest + MI left
- $451,081
- First ends
- Sep 2054
New loan
New conventional
$2,435/mo
+$83/mo- Down payment
- $33,753
- Funds due
- $42,276
- Interest + MI left
- $440,473
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,247 | $266,247 | $301,247 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,825.21 | $1,825.21 | $2,040.75 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $193.16 | $193.16 | $60.25 |
| Taxes, insurance & HOA | $334.00 | $334.00 | $334.00 |
| Total housing payment | $2,352.37 | $2,633.99 | $2,435.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,753
Closing costs & prepaids$11,918
Usable credit−$0
Total buyer cash needed$45,671
Earnest money paid−$0
Remaining funds due$45,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$463.49
Prepaid interest, second (9 days)$77.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7.06%
Interest already paid$42,837Through Dec 2026
Assumption only · ends Sep 2054$384,698
Assumption + second · ends Sep 2054, second Jan 2057$451,081
New conventional · ends Jan 2057$440,473