Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,276/mo
Lowest payment- Down payment
- $55,938
- Funds due
- $64,572
- Interest + MI left
- $161,637
- First ends
- Oct 2052
Assumption
Assumption + second
$1,574/mo
+$298/mo- Down payment
- $18,938
- Funds due
- $28,859
- Interest + MI left
- $231,813
- First ends
- Oct 2052
New loan
New conventional
$1,454/mo
+$178/mo- Down payment
- $18,938
- Funds due
- $25,618
- Interest + MI left
- $239,195
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,562 | $128,562 | $165,562 |
| Second mortgage | — | $37,000 | — |
| First P&I | $873.24 | $873.24 | $1,113.75 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $95.86 | $95.86 | $33.11 |
| Taxes, insurance & HOA | $306.83 | $306.83 | $306.83 |
| Total housing payment | $1,275.93 | $1,573.64 | $1,453.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,938
Closing costs & prepaids$9,921
Usable credit−$0
Total buyer cash needed$28,859
Earnest money paid−$0
Remaining funds due$28,859
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,845.00
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)$470.50
Prepaid interest, first (4 days)$94.40
Prepaid interest, second (4 days)$36.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing25 yr 10 moOf the original 30-year loan at 6.7%
Interest already paid$36,897Through Dec 2026
Assumption only · ends Oct 2052$161,637
Assumption + second · ends Oct 2052, second Jan 2057$231,813
New conventional · ends Jan 2057$239,195