Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,806/mo
Lowest payment- Down payment
- $92,513
- Funds due
- $104,293
- Interest + MI left
- $453,296
- First ends
- Sep 2054
Assumption
Assumption + second
$3,209/mo
+$402/mo- Down payment
- $42,513
- Funds due
- $55,654
- Interest + MI left
- $548,128
- First ends
- Sep 2054
New loan
New conventional
$3,063/mo
+$256/mo- Down payment
- $42,513
- Funds due
- $52,175
- Interest + MI left
- $559,259
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,487 | $332,487 | $382,487 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,255.28 | $2,255.28 | $2,591.10 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $156.16 | $156.16 | $76.50 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $2,806.44 | $3,208.75 | $3,062.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,513
Closing costs & prepaids$13,141
Usable credit−$0
Total buyer cash needed$55,654
Earnest money paid−$0
Remaining funds due$55,654
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$569.78
Prepaid interest, second (9 days)$110.96
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 9 moOf the original 30-year loan at 6.95%
Interest already paid$52,676Through Dec 2026
Assumption only · ends Sep 2054$453,296
Assumption + second · ends Sep 2054, second Jan 2057$548,128
New conventional · ends Jan 2057$559,259