Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,486/mo
Lowest payment- Down payment
- $42,851
- Funds due
- $53,478
- Interest + MI left
- $404,967
- First ends
- Jun 2054
Assumption
Assumption + second
$2,740/mo
+$255/mo- Down payment
- $17,851
- Funds due
- $29,801
- Interest + MI left
- $471,677
- First ends
- Jun 2054
New loan
New conventional
$2,584/mo
+$99/mo- Down payment
- $17,851
- Funds due
- $26,567
- Interest + MI left
- $482,982
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,149 | $304,149 | $329,149 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,053.37 | $2,053.37 | $2,229.77 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $143.33 | $143.33 | $65.83 |
| Taxes, insurance & HOA | $288.83 | $288.83 | $288.83 |
| Total housing payment | $2,485.54 | $2,740.29 | $2,584.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,851
Closing costs & prepaids$11,950
Usable credit−$0
Total buyer cash needed$29,801
Earnest money paid−$0
Remaining funds due$29,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$416.50
Prepaid interest, first (9 days)$515.22
Prepaid interest, second (9 days)$73.20
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 6.87%
Interest already paid$53,020Through Dec 2026
Assumption only · ends Jun 2054$404,967
Assumption + second · ends Jun 2054, second Jan 2057$471,677
New conventional · ends Jan 2057$482,982