Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,297/mo
Lowest payment- Down payment
- $45,816
- Funds due
- $56,279
- Interest + MI left
- $355,487
- First ends
- Jun 2054
Assumption
Assumption + second
$2,603/mo
+$306/mo- Down payment
- $15,816
- Funds due
- $27,617
- Interest + MI left
- $435,539
- First ends
- Jun 2054
New loan
New conventional
$2,449/mo
+$151/mo- Down payment
- $15,816
- Funds due
- $24,399
- Interest + MI left
- $439,072
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,184 | $269,184 | $299,184 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,808.55 | $1,808.55 | $2,026.78 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $126.89 | $126.89 | $59.84 |
| Taxes, insurance & HOA | $362.00 | $362.00 | $362.00 |
| Total housing payment | $2,297.44 | $2,603.14 | $2,448.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,816
Closing costs & prepaids$11,802
Usable credit−$0
Total buyer cash needed$27,617
Earnest money paid−$0
Remaining funds due$27,617
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$258.00
Prepaid interest, first (9 days)$452.67
Prepaid interest, second (9 days)$87.84
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 6 moOf the original 30-year loan at 6.82%
Interest already paid$46,590Through Dec 2026
Assumption only · ends Jun 2054$355,487
Assumption + second · ends Jun 2054, second Jan 2057$435,539
New conventional · ends Jan 2057$439,072