Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,746/mo
Lowest payment- Down payment
- $79,716
- Funds due
- $89,351
- Interest + MI left
- $258,890
- First ends
- Feb 2054
Assumption
Assumption + second
$2,172/mo
+$426/mo- Down payment
- $26,716
- Funds due
- $37,653
- Interest + MI left
- $359,412
- First ends
- Feb 2054
New loan
New conventional
$1,987/mo
+$241/mo- Down payment
- $26,716
- Funds due
- $34,319
- Interest + MI left
- $337,035
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,284 | $180,284 | $233,284 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,289.72 | $1,289.72 | $1,569.32 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $85.04 | $85.04 | $46.66 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $1,745.75 | $2,172.20 | $1,986.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,716
Closing costs & prepaids$10,937
Usable credit−$0
Total buyer cash needed$37,653
Earnest money paid−$0
Remaining funds due$37,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,600.00
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)$663.00
Prepaid interest, first (4 days)$146.99
Prepaid interest, second (4 days)$52.27
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 closing27 yr 2 moOf the original 30-year loan at 7.44%
Interest already paid$38,594Through Dec 2026
Assumption only · ends Feb 2054$258,890
Assumption + second · ends Feb 2054, second Jan 2057$359,412
New conventional · ends Jan 2057$337,035