Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,175/mo
Lowest payment- Down payment
- $53,349
- Funds due
- $63,598
- Interest + MI left
- $343,416
- First ends
- May 2054
Assumption
Assumption + second
$2,552/mo
+$377/mo- Down payment
- $16,349
- Funds due
- $27,957
- Interest + MI left
- $442,146
- First ends
- May 2054
New loan
New conventional
$2,396/mo
+$221/mo- Down payment
- $16,349
- Funds due
- $24,732
- Interest + MI left
- $445,567
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,651 | $266,651 | $303,651 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,770.92 | $1,770.92 | $2,057.04 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $125.92 | $125.92 | $60.73 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $2,174.83 | $2,551.86 | $2,395.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,349
Closing costs & prepaids$11,607
Usable credit−$0
Total buyer cash needed$27,957
Earnest money paid−$0
Remaining funds due$27,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (9 days)$439.86
Prepaid interest, second (9 days)$108.34
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 5 moOf the original 30-year loan at 6.69%
Interest already paid$46,824Through Dec 2026
Assumption only · ends May 2054$343,416
Assumption + second · ends May 2054, second Jan 2057$442,146
New conventional · ends Jan 2057$445,567