Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,874/mo
Lowest payment- Down payment
- $171,964
- Funds due
- $182,715
- Interest + MI left
- $269,558
- First ends
- Feb 2054
Assumption
Assumption + second
$2,872/mo
+$998/mo- Down payment
- $35,964
- Funds due
- $47,995
- Interest + MI left
- $492,810
- First ends
- Feb 2054
New loan
New conventional
$2,750/mo
+$876/mo- Down payment
- $35,964
- Funds due
- $44,582
- Interest + MI left
- $489,906
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,036 | $187,036 | $323,036 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,336.75 | $1,336.75 | $2,236.64 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $88.14 | $88.14 | $64.61 |
| Taxes, insurance & HOA | $449.17 | $449.17 | $449.17 |
| Total housing payment | $1,874.05 | $2,871.97 | $2,750.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,964
Closing costs & prepaids$12,030
Usable credit−$0
Total buyer cash needed$47,995
Earnest money paid−$0
Remaining funds due$47,995
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$897.50
Prepaid interest, first (1 days)$38.12
Prepaid interest, second (1 days)$29.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3 moOf the original 30-year loan at 7.440%
Interest already paid$38,841Through Nov 2026
Assumption only · ends Feb 2054$269,558
Assumption + second · ends Feb 2054, second Dec 2056$492,810
New conventional · ends Dec 2056$489,906