Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,935/mo
Lowest payment- Down payment
- $66,423
- Funds due
- $77,989
- Interest + MI left
- $461,125
- First ends
- Aug 2054
Assumption
Assumption + second
$3,144/mo
+$209/mo- Down payment
- $40,423
- Funds due
- $53,271
- Interest + MI left
- $510,438
- First ends
- Aug 2054
New loan
New conventional
$2,997/mo
+$62/mo- Down payment
- $40,423
- Funds due
- $49,816
- Interest + MI left
- $525,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,477 | $333,477 | $359,477 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,288.33 | $2,288.33 | $2,435.22 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $156.70 | $156.70 | $71.90 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $2,934.94 | $3,144.14 | $2,997.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,423
Closing costs & prepaids$12,848
Usable credit−$0
Total buyer cash needed$53,271
Earnest money paid−$0
Remaining funds due$53,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,019.75
Prepaid interest, first (5 days)$322.51
Prepaid interest, second (5 days)$32.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 7.06%
Interest already paid$55,671Through Dec 2026
Assumption only · ends Aug 2054$461,125
Assumption + second · ends Aug 2054, second Jan 2057$510,438
New conventional · ends Jan 2057$525,615