Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,010/mo
Lowest payment- Down payment
- $84,270
- Funds due
- $94,548
- Interest + MI left
- $286,176
- First ends
- Apr 2054
Assumption
Assumption + second
$2,436/mo
+$426/mo- Down payment
- $31,270
- Funds due
- $42,850
- Interest + MI left
- $386,698
- First ends
- Apr 2054
New loan
New conventional
$2,344/mo
+$333/mo- Down payment
- $31,270
- Funds due
- $39,489
- Interest + MI left
- $402,604
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,630 | $225,630 | $278,630 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,489.90 | $1,489.90 | $1,874.36 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $106.70 | $106.70 | $55.73 |
| Taxes, insurance & HOA | $413.42 | $413.42 | $413.42 |
| Total housing payment | $2,010.02 | $2,436.47 | $2,343.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,270
Closing costs & prepaids$11,580
Usable credit−$0
Total buyer cash needed$42,850
Earnest money paid−$0
Remaining funds due$42,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$790.25
Prepaid interest, first (4 days)$163.69
Prepaid interest, second (4 days)$52.27
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6.62%
Interest already paid$40,503Through Dec 2026
Assumption only · ends Apr 2054$286,176
Assumption + second · ends Apr 2054, second Jan 2057$386,698
New conventional · ends Jan 2057$402,604