Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,056/mo
Lowest payment- Down payment
- $47,031
- Funds due
- $58,725
- Interest + MI left
- $467,772
- First ends
- Nov 2054
Assumption
Assumption + second
$3,321/mo
+$265/mo- Down payment
- $21,031
- Funds due
- $34,009
- Interest + MI left
- $537,150
- First ends
- Nov 2054
New loan
New conventional
$3,231/mo
+$175/mo- Down payment
- $21,031
- Funds due
- $30,760
- Interest + MI left
- $571,245
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,869 | $367,869 | $393,869 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,380.31 | $2,380.31 | $2,649.58 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $172.78 | $172.78 | $78.77 |
| Taxes, insurance & HOA | $502.67 | $502.67 | $502.67 |
| Total housing payment | $3,055.76 | $3,320.70 | $3,231.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,031
Closing costs & prepaids$12,977
Usable credit−$0
Total buyer cash needed$34,009
Earnest money paid−$0
Remaining funds due$34,009
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$1,058.00
Prepaid interest, first (4 days)$261.64
Prepaid interest, second (4 days)$33.84
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 11 moOf the original 30-year loan at 6.49%
Interest already paid$50,394Through Dec 2026
Assumption only · ends Nov 2054$467,772
Assumption + second · ends Nov 2054, second Jan 2057$537,150
New conventional · ends Jan 2057$571,245