Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$854/mo
Lowest payment- Down payment
- $306,105
- Funds due
- $316,534
- Interest + MI left
- $117,720
- First ends
- Oct 2054
Assumption
Assumption + second
$2,760/mo
+$1,906/mo- Down payment
- $40,105
- Funds due
- $51,897
- Interest + MI left
- $537,757
- First ends
- Oct 2054
New loan
New conventional
$2,752/mo
+$1,897/mo- Down payment
- $40,105
- Funds due
- $48,444
- Interest + MI left
- $538,151
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $88,895 | $88,895 | $354,895 |
| Second mortgage | — | $266,000 | — |
| First P&I | $589.01 | $589.01 | $2,457.22 |
| Second P&I | — | $1,905.66 | — |
| Mortgage insurance | $41.71 | $41.71 | $70.98 |
| Taxes, insurance & HOA | $223.75 | $223.75 | $223.75 |
| Total housing payment | $854.47 | $2,760.13 | $2,751.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,105
Closing costs & prepaids$11,792
Usable credit−$0
Total buyer cash needed$51,897
Earnest money paid−$0
Remaining funds due$51,897
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$221.25
Prepaid interest, first (2 days)$32.78
Prepaid interest, second (2 days)$112.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.730%
Interest already paid$12,621Through Nov 2026
Assumption only · ends Oct 2054$117,720
Assumption + second · ends Oct 2054, second Dec 2056$537,757
New conventional · ends Dec 2056$538,151