Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,829/mo
Lowest payment- Down payment
- $45,360
- Funds due
- $56,538
- Interest + MI left
- $443,754
- First ends
- Aug 2054
Assumption
Assumption + second
$3,094/mo
+$265/mo- Down payment
- $19,360
- Funds due
- $31,831
- Interest + MI left
- $513,133
- First ends
- Aug 2054
New loan
New conventional
$2,909/mo
+$80/mo- Down payment
- $19,360
- Funds due
- $28,578
- Interest + MI left
- $514,370
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,540 | $324,540 | $350,540 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,212.07 | $2,212.07 | $2,374.68 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $152.55 | $152.55 | $70.11 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $2,829.03 | $3,093.97 | $2,909.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,360
Closing costs & prepaids$12,470
Usable credit−$0
Total buyer cash needed$31,831
Earnest money paid−$0
Remaining funds due$31,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$943.25
Prepaid interest, first (5 days)$310.76
Prepaid interest, second (5 days)$42.29
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 6.99%
Interest already paid$53,651Through Dec 2026
Assumption only · ends Aug 2054$443,754
Assumption + second · ends Aug 2054, second Jan 2057$513,133
New conventional · ends Jan 2057$514,370