Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,345/mo
Lowest payment- Down payment
- $42,427
- Funds due
- $52,821
- Interest + MI left
- $383,654
- First ends
- Aug 2054
Assumption
Assumption + second
$2,600/mo
+$255/mo- Down payment
- $17,427
- Funds due
- $29,145
- Interest + MI left
- $450,364
- First ends
- Aug 2054
New loan
New conventional
$2,455/mo
+$109/mo- Down payment
- $17,427
- Funds due
- $25,914
- Interest + MI left
- $457,191
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,573 | $286,573 | $311,573 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,928.91 | $1,928.91 | $2,110.70 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $134.78 | $134.78 | $62.31 |
| Taxes, insurance & HOA | $281.58 | $281.58 | $281.58 |
| Total housing payment | $2,345.28 | $2,600.03 | $2,454.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,427
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$29,145
Earnest money paid−$0
Remaining funds due$29,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$394.75
Prepaid interest, first (9 days)$484.74
Prepaid interest, second (9 days)$73.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 6.86%
Interest already paid$46,508Through Dec 2026
Assumption only · ends Aug 2054$383,654
Assumption + second · ends Aug 2054, second Jan 2057$450,364
New conventional · ends Jan 2057$457,191