Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $41,357
- Funds due
- $51,561
- Interest + MI left
- $297,817
- First ends
- Jun 2054
Assumption
Assumption + second
$2,398/mo
+$275/mo- Down payment
- $14,357
- Funds due
- $25,864
- Interest + MI left
- $369,864
- First ends
- Jun 2054
New loan
New conventional
$2,292/mo
+$170/mo- Down payment
- $14,357
- Funds due
- $22,671
- Interest + MI left
- $382,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,543 | $233,543 | $260,543 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,537.33 | $1,537.33 | $1,765.01 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $110.21 | $110.21 | $52.11 |
| Taxes, insurance & HOA | $475.33 | $475.33 | $475.33 |
| Total housing payment | $2,122.87 | $2,398.00 | $2,292.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,357
Closing costs & prepaids$11,506
Usable credit−$0
Total buyer cash needed$25,864
Earnest money paid−$0
Remaining funds due$25,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$976.00
Prepaid interest, first (6 days)$253.76
Prepaid interest, second (6 days)$52.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6.61%
Interest already paid$39,199Through Dec 2026
Assumption only · ends Jun 2054$297,817
Assumption + second · ends Jun 2054, second Jan 2057$369,864
New conventional · ends Jan 2057$382,312