Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,550/mo
Lowest payment- Down payment
- $53,975
- Funds due
- $64,754
- Interest + MI left
- $377,993
- First ends
- Apr 2054
Assumption
Assumption + second
$2,917/mo
+$367/mo- Down payment
- $17,975
- Funds due
- $30,040
- Interest + MI left
- $474,055
- First ends
- Apr 2054
New loan
New conventional
$2,747/mo
+$198/mo- Down payment
- $17,975
- Funds due
- $26,807
- Interest + MI left
- $481,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,025 | $296,025 | $332,025 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,962.37 | $1,962.37 | $2,233.55 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $139.96 | $139.96 | $66.41 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $2,549.83 | $2,916.67 | $2,747.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,975
Closing costs & prepaids$12,065
Usable credit−$0
Total buyer cash needed$30,040
Earnest money paid−$0
Remaining funds due$30,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Prepaid interest, first (3 days)$162.04
Prepaid interest, second (3 days)$35.14
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 4 moOf the original 30-year loan at 6.66%
Interest already paid$53,454Through Dec 2026
Assumption only · ends Apr 2054$377,993
Assumption + second · ends Apr 2054, second Jan 2057$474,055
New conventional · ends Jan 2057$481,484