Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,851/mo
Lowest payment- Down payment
- $54,368
- Funds due
- $63,880
- Interest + MI left
- $275,084
- First ends
- Jun 2054
Assumption
Assumption + second
$2,076/mo
+$225/mo- Down payment
- $26,368
- Funds due
- $37,137
- Interest + MI left
- $328,190
- First ends
- Jun 2054
New loan
New conventional
$2,030/mo
+$179/mo- Down payment
- $26,368
- Funds due
- $33,825
- Interest + MI left
- $354,120
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,532 | $205,532 | $233,532 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,387.51 | $1,387.51 | $1,616.93 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $96.76 | $96.76 | $46.71 |
| Taxes, insurance & HOA | $366.58 | $366.58 | $366.58 |
| Total housing payment | $1,850.85 | $2,076.15 | $2,030.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,368
Closing costs & prepaids$10,769
Usable credit−$0
Total buyer cash needed$37,137
Earnest money paid−$0
Remaining funds due$37,137
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.00
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)$649.75
Prepaid interest, first (1 days)$38.74
Prepaid interest, second (1 days)$6.90
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 7 moOf the original 30-year loan at 6.880%
Interest already paid$34,665Through Nov 2026
Assumption only · ends Jun 2054$275,084
Assumption + second · ends Jun 2054, second Dec 2056$328,190
New conventional · ends Dec 2056$354,120