Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$430/mo
Lowest payment- Down payment
- $151,550
- Funds due
- $159,926
- Interest + MI left
- $22,552
- First ends
- Oct 2052
Assumption
Assumption + second
$1,413/mo
+$983/mo- Down payment
- $17,550
- Funds due
- $27,323
- Interest + MI left
- $242,520
- First ends
- Oct 2052
New loan
New conventional
$1,358/mo
+$928/mo- Down payment
- $17,550
- Funds due
- $24,083
- Interest + MI left
- $222,846
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $18,450 | $18,450 | $152,450 |
| Second mortgage | — | $134,000 | — |
| First P&I | $126.61 | $126.61 | $1,032.75 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | $8.59 | $8.59 | $30.49 |
| Taxes, insurance & HOA | $294.50 | $294.50 | $294.50 |
| Total housing payment | $429.70 | $1,412.95 | $1,357.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,550
Closing costs & prepaids$9,773
Usable credit−$0
Total buyer cash needed$27,323
Earnest money paid−$0
Remaining funds due$27,323
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,700.00
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)$433.50
Prepaid interest, first (5 days)$17.21
Prepaid interest, second (5 days)$146.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 27-year loan at 6.81%
Interest already paid$1,479Through Dec 2026
Assumption only · ends Oct 2052$22,552
Assumption + second · ends Oct 2052, second Jan 2057$242,520
New conventional · ends Jan 2057$222,846