Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,879/mo
Lowest payment- Down payment
- $46,432
- Funds due
- $57,615
- Interest + MI left
- $442,699
- First ends
- Dec 2053
Assumption
Assumption + second
$3,154/mo
+$275/mo- Down payment
- $19,432
- Funds due
- $31,909
- Interest + MI left
- $514,746
- First ends
- Dec 2053
New loan
New conventional
$2,907/mo
+$28/mo- Down payment
- $19,432
- Funds due
- $28,647
- Interest + MI left
- $513,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,268 | $323,268 | $350,268 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,261.56 | $2,261.56 | $2,372.84 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $153.01 | $153.01 | $70.05 |
| Taxes, insurance & HOA | $464.25 | $464.25 | $464.25 |
| Total housing payment | $2,878.82 | $3,153.95 | $2,907.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,432
Closing costs & prepaids$12,477
Usable credit−$0
Total buyer cash needed$31,909
Earnest money paid−$0
Remaining funds due$31,909
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,697.00
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)$942.75
Prepaid interest, first (5 days)$317.95
Prepaid interest, second (5 days)$43.92
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 yrOf the original 30-year loan at 7.18%
Interest already paid$70,843Through Dec 2026
Assumption only · ends Dec 2053$442,699
Assumption + second · ends Dec 2053, second Jan 2057$514,746
New conventional · ends Jan 2057$513,971