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
- $42,138
- Funds due
- $51,992
- Interest + MI left
- $385,402
- First ends
- Aug 2054
Assumption
Assumption + second
$2,546/mo
+$255/mo- Down payment
- $17,138
- Funds due
- $28,258
- Interest + MI left
- $452,112
- First ends
- Aug 2054
New loan
New conventional
$2,449/mo
+$158/mo- Down payment
- $17,138
- Funds due
- $25,039
- Interest + MI left
- $474,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,862 | $286,862 | $311,862 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,928.91 | $1,928.91 | $2,159.27 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $134.78 | $134.78 | $62.37 |
| Taxes, insurance & HOA | $227.08 | $227.08 | $227.08 |
| Total housing payment | $2,290.78 | $2,545.53 | $2,448.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,138
Closing costs & prepaids$11,120
Usable credit−$0
Total buyer cash needed$28,258
Earnest money paid−$0
Remaining funds due$28,258
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)$231.25
Prepaid interest, first (2 days)$107.83
Prepaid interest, second (2 days)$16.27
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 9 moOf the original 30-year loan at 6.860%
Interest already paid$44,869Through Nov 2026
Assumption only · ends Aug 2054$385,402
Assumption + second · ends Aug 2054, second Dec 2056$452,112
New conventional · ends Dec 2056$474,581