Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,634/mo
Lowest payment- Down payment
- $149,652
- Funds due
- $159,879
- Interest + MI left
- $225,667
- First ends
- Feb 2054
Assumption
Assumption + second
$2,500/mo
+$866/mo- Down payment
- $31,652
- Funds due
- $43,181
- Interest + MI left
- $419,370
- First ends
- Feb 2054
New loan
New conventional
$2,431/mo
+$797/mo- Down payment
- $31,652
- Funds due
- $39,813
- Interest + MI left
- $429,716
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,348 | $165,348 | $283,348 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,143.52 | $1,143.52 | $1,961.84 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $78.07 | $78.07 | $56.67 |
| Taxes, insurance & HOA | $412.50 | $412.50 | $412.50 |
| Total housing payment | $1,634.08 | $2,499.93 | $2,431.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,652
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$43,181
Earnest money paid−$0
Remaining funds due$43,181
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$787.50
Prepaid interest, first (2 days)$64.24
Prepaid interest, second (2 days)$51.73
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 3 moOf the original 30-year loan at 7.090%
Interest already paid$32,755Through Nov 2026
Assumption only · ends Feb 2054$225,667
Assumption + second · ends Feb 2054, second Dec 2056$419,370
New conventional · ends Dec 2056$429,716