Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,370/mo
Lowest payment- Down payment
- $56,938
- Funds due
- $67,556
- Interest + MI left
- $360,337
- First ends
- Oct 2054
Assumption
Assumption + second
$2,777/mo
+$408/mo- Down payment
- $16,938
- Funds due
- $28,871
- Interest + MI left
- $467,073
- First ends
- Oct 2054
New loan
New conventional
$2,614/mo
+$244/mo- Down payment
- $16,938
- Funds due
- $25,643
- Interest + MI left
- $459,376
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,062 | $273,062 | $313,062 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,811.14 | $1,811.14 | $2,120.79 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $128.25 | $128.25 | $62.61 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $2,369.88 | $2,777.48 | $2,613.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,938
Closing costs & prepaids$11,933
Usable credit−$0
Total buyer cash needed$28,871
Earnest money paid−$0
Remaining funds due$28,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$841.50
Prepaid interest, first (5 days)$251.74
Prepaid interest, second (5 days)$65.07
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 10 moOf the original 30-year loan at 6.73%
Interest already paid$40,340Through Dec 2026
Assumption only · ends Oct 2054$360,337
Assumption + second · ends Oct 2054, second Jan 2057$467,073
New conventional · ends Jan 2057$459,376