Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $246,581
- Funds due
- $259,023
- Interest + MI left
- $336,580
- First ends
- Oct 2054
Assumption
Assumption + second
$3,600/mo
+$1,446/mo- Down payment
- $49,581
- Funds due
- $63,661
- Interest + MI left
- $659,966
- First ends
- Oct 2054
New loan
New conventional
$3,471/mo
+$1,316/mo- Down payment
- $49,581
- Funds due
- $60,093
- Interest + MI left
- $651,276
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,419 | $248,419 | $445,419 |
| Second mortgage | — | $197,000 | — |
| First P&I | $1,673.61 | $1,673.61 | $3,017.42 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | $116.59 | $116.59 | $89.08 |
| Taxes, insurance & HOA | $364.67 | $364.67 | $364.67 |
| Total housing payment | $2,154.87 | $3,600.38 | $3,471.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,581
Closing costs & prepaids$14,080
Usable credit−$0
Total buyer cash needed$63,661
Earnest money paid−$0
Remaining funds due$63,661
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$594.00
Prepaid interest, first (9 days)$422.04
Prepaid interest, second (9 days)$388.60
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 10 moOf the original 30-year loan at 6.89%
Interest already paid$37,557Through Dec 2026
Assumption only · ends Oct 2054$336,580
Assumption + second · ends Oct 2054, second Jan 2057$659,966
New conventional · ends Jan 2057$651,276