Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,703/mo
Lowest payment- Down payment
- $42,605
- Funds due
- $51,914
- Interest + MI left
- $267,285
- First ends
- Jun 2054
Assumption
Assumption + second
$2,009/mo
+$306/mo- Down payment
- $12,605
- Funds due
- $23,252
- Interest + MI left
- $347,337
- First ends
- Jun 2054
New loan
New conventional
$1,869/mo
+$166/mo- Down payment
- $12,605
- Funds due
- $20,059
- Interest + MI left
- $341,008
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,395 | $202,395 | $232,395 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,359.82 | $1,359.82 | $1,574.32 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $95.41 | $95.41 | $46.48 |
| Taxes, insurance & HOA | $248.00 | $248.00 | $248.00 |
| Total housing payment | $1,703.23 | $2,008.93 | $1,868.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,605
Closing costs & prepaids$10,647
Usable credit−$0
Total buyer cash needed$23,252
Earnest money paid−$0
Remaining funds due$23,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$294.00
Prepaid interest, first (9 days)$340.36
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$35,030Through Dec 2026
Assumption only · ends Jun 2054$267,285
Assumption + second · ends Jun 2054, second Jan 2057$347,337
New conventional · ends Jan 2057$341,008