Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,663/mo
Lowest payment- Down payment
- $70,187
- Funds due
- $81,282
- Interest + MI left
- $404,228
- First ends
- Dec 2053
Assumption
Assumption + second
$2,929/mo
+$266/mo- Down payment
- $37,187
- Funds due
- $49,572
- Interest + MI left
- $466,818
- First ends
- Dec 2053
New loan
New conventional
$2,746/mo
+$82/mo- Down payment
- $37,187
- Funds due
- $46,142
- Interest + MI left
- $479,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,713 | $294,713 | $327,713 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,063.72 | $2,063.72 | $2,220.04 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $139.49 | $139.49 | $65.54 |
| Taxes, insurance & HOA | $460.17 | $460.17 | $460.17 |
| Total housing payment | $2,663.38 | $2,928.90 | $2,745.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,187
Closing costs & prepaids$12,385
Usable credit−$0
Total buyer cash needed$49,572
Earnest money paid−$0
Remaining funds due$49,572
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,649.00
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)$930.50
Prepaid interest, first (5 days)$290.27
Prepaid interest, second (5 days)$40.68
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 7.19%
Interest already paid$64,673Through Dec 2026
Assumption only · ends Dec 2053$404,228
Assumption + second · ends Dec 2053, second Jan 2057$466,818
New conventional · ends Jan 2057$479,105