Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,591/mo
Lowest payment- Down payment
- $63,606
- Funds due
- $74,514
- Interest + MI left
- $388,513
- First ends
- Apr 2054
Assumption
Assumption + second
$2,808/mo
+$217/mo- Down payment
- $36,606
- Funds due
- $48,784
- Interest + MI left
- $439,723
- First ends
- Apr 2054
New loan
New conventional
$2,695/mo
+$105/mo- Down payment
- $36,606
- Funds due
- $45,371
- Interest + MI left
- $467,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,294 | $296,294 | $323,294 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,994.83 | $1,994.83 | $2,174.82 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $139.96 | $139.96 | $64.66 |
| Taxes, insurance & HOA | $455.92 | $455.92 | $455.92 |
| Total housing payment | $2,590.71 | $2,807.96 | $2,695.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,606
Closing costs & prepaids$12,178
Usable credit−$0
Total buyer cash needed$48,784
Earnest money paid−$0
Remaining funds due$48,784
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$917.75
Prepaid interest, first (3 days)$166.09
Prepaid interest, second (3 days)$19.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 4 moOf the original 30-year loan at 6.82%
Interest already paid$54,762Through Dec 2026
Assumption only · ends Apr 2054$388,513
Assumption + second · ends Apr 2054, second Jan 2057$439,723
New conventional · ends Jan 2057$467,141