Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,711/mo
+$4/mo- Down payment
- $48,150
- Funds due
- $59,043
- Interest + MI left
- $454,856
- First ends
- Feb 2054
Assumption
Assumption + second
$3,007/mo
+$300/mo- Down payment
- $19,150
- Funds due
- $31,378
- Interest + MI left
- $532,240
- First ends
- Feb 2054
New loan
New conventional
$2,707/mo
Lowest payment- Down payment
- $19,150
- Funds due
- $28,083
- Interest + MI left
- $507,342
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $316,750 | $316,750 | $345,750 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,265.96 | $2,265.96 | $2,342.23 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $149.41 | $149.41 | $69.15 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $2,711.37 | $3,006.88 | $2,707.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,150
Closing costs & prepaids$12,228
Usable credit−$0
Total buyer cash needed$31,378
Earnest money paid−$0
Remaining funds due$31,378
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$438.00
Prepaid interest, first (9 days)$581.08
Prepaid interest, second (9 days)$84.91
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 2 moOf the original 30-year loan at 7.44%
Interest already paid$67,807Through Dec 2026
Assumption only · ends Feb 2054$454,856
Assumption + second · ends Feb 2054, second Jan 2057$532,240
New conventional · ends Jan 2057$507,342