Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,341/mo
Lowest payment- Down payment
- $80,674
- Funds due
- $91,193
- Interest + MI left
- $361,168
- First ends
- Feb 2054
Assumption
Assumption + second
$2,719/mo
+$378/mo- Down payment
- $33,674
- Funds due
- $45,478
- Interest + MI left
- $450,310
- First ends
- Feb 2054
New loan
New conventional
$2,482/mo
+$142/mo- Down payment
- $33,674
- Funds due
- $42,076
- Interest + MI left
- $427,970
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,226 | $249,226 | $296,226 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,792.86 | $1,792.86 | $1,992.73 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $117.52 | $117.52 | $59.25 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $2,340.79 | $2,718.97 | $2,482.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,674
Closing costs & prepaids$11,804
Usable credit−$0
Total buyer cash needed$45,478
Earnest money paid−$0
Remaining funds due$45,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.00
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)$841.25
Prepaid interest, first (3 days)$153.63
Prepaid interest, second (3 days)$34.77
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 2 moOf the original 30-year loan at 7.5%
Interest already paid$53,773Through Dec 2026
Assumption only · ends Feb 2054$361,168
Assumption + second · ends Feb 2054, second Jan 2057$450,310
New conventional · ends Jan 2057$427,970