Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,410/mo
Lowest payment- Down payment
- $60,120
- Funds due
- $70,925
- Interest + MI left
- $374,361
- First ends
- Jun 2054
Assumption
Assumption + second
$2,612/mo
+$201/mo- Down payment
- $35,120
- Funds due
- $47,230
- Interest + MI left
- $421,777
- First ends
- Jun 2054
New loan
New conventional
$2,529/mo
+$118/mo- Down payment
- $35,120
- Funds due
- $43,845
- Interest + MI left
- $453,034
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,880 | $284,880 | $309,880 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,908.45 | $1,908.45 | $2,099.24 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $134.31 | $134.31 | $61.98 |
| Taxes, insurance & HOA | $367.67 | $367.67 | $367.67 |
| Total housing payment | $2,410.43 | $2,611.59 | $2,528.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,120
Closing costs & prepaids$12,110
Usable credit−$0
Total buyer cash needed$47,230
Earnest money paid−$0
Remaining funds due$47,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Initial HOA (3 months)$239.01
Prepaid interest, first (9 days)$476.96
Prepaid interest, second (9 days)$55.48
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 6.79%
Interest already paid$49,094Through Dec 2026
Assumption only · ends Jun 2054$374,361
Assumption + second · ends Jun 2054, second Jan 2057$421,777
New conventional · ends Jan 2057$453,034