Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,291/mo
Lowest payment- Down payment
- $68,496
- Funds due
- $78,491
- Interest + MI left
- $386,423
- First ends
- Sep 2054
Assumption
Assumption + second
$2,565/mo
+$274/mo- Down payment
- $34,496
- Funds due
- $45,749
- Interest + MI left
- $450,909
- First ends
- Sep 2054
New loan
New conventional
$2,413/mo
+$122/mo- Down payment
- $34,496
- Funds due
- $42,355
- Interest + MI left
- $455,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $266,504 | $266,504 | $300,504 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,825.21 | $1,825.21 | $2,080.63 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $193.16 | $193.16 | $60.10 |
| Taxes, insurance & HOA | $272.67 | $272.67 | $272.67 |
| Total housing payment | $2,291.04 | $2,564.61 | $2,413.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,496
Closing costs & prepaids$11,253
Usable credit−$0
Total buyer cash needed$45,749
Earnest money paid−$0
Remaining funds due$45,749
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$218.00
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$51.55
Prepaid interest, second (1 days)$8.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7.060%
Interest already paid$41,270Through Nov 2026
Assumption only · ends Sep 2054$386,423
Assumption + second · ends Sep 2054, second Dec 2056$450,909
New conventional · ends Dec 2056$455,614