Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,582/mo
Lowest payment- Down payment
- $70,333
- Funds due
- $81,250
- Interest + MI left
- $430,181
- First ends
- Feb 2054
Assumption
Assumption + second
$2,848/mo
+$266/mo- Down payment
- $37,333
- Funds due
- $49,573
- Interest + MI left
- $492,771
- First ends
- Feb 2054
New loan
New conventional
$2,617/mo
+$35/mo- Down payment
- $37,333
- Funds due
- $46,116
- Interest + MI left
- $486,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,567 | $299,567 | $332,567 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,143.04 | $2,143.04 | $2,252.92 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $141.31 | $141.31 | $66.51 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $2,582.34 | $2,847.87 | $2,617.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,333
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$49,573
Earnest money paid−$0
Remaining funds due$49,573
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$444.00
Prepaid interest, first (9 days)$549.56
Prepaid interest, second (9 days)$73.23
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$64,129Through Dec 2026
Assumption only · ends Feb 2054$430,181
Assumption + second · ends Feb 2054, second Jan 2057$492,771
New conventional · ends Jan 2057$486,268