Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,398/mo
Lowest payment- Down payment
- $44,497
- Funds due
- $54,822
- Interest + MI left
- $376,161
- First ends
- Mar 2054
Assumption
Assumption + second
$2,694/mo
+$296/mo- Down payment
- $15,497
- Funds due
- $27,119
- Interest + MI left
- $453,545
- First ends
- Mar 2054
New loan
New conventional
$2,432/mo
+$34/mo- Down payment
- $15,497
- Funds due
- $23,886
- Interest + MI left
- $425,598
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,003 | $261,003 | $290,003 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,865.39 | $1,865.39 | $1,964.58 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $123.00 | $123.00 | $58.00 |
| Taxes, insurance & HOA | $409.67 | $409.67 | $409.67 |
| Total housing payment | $2,398.06 | $2,693.57 | $2,432.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,497
Closing costs & prepaids$11,622
Usable credit−$0
Total buyer cash needed$27,119
Earnest money paid−$0
Remaining funds due$27,119
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,055.00
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)$779.00
Prepaid interest, first (5 days)$266.01
Prepaid interest, second (5 days)$47.17
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 3 moOf the original 30-year loan at 7.44%
Interest already paid$54,202Through Dec 2026
Assumption only · ends Mar 2054$376,161
Assumption + second · ends Mar 2054, second Jan 2057$453,545
New conventional · ends Jan 2057$425,598