Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,075/mo
Lowest payment- Down payment
- $77,951
- Funds due
- $86,409
- Interest + MI left
- $150,646
- First ends
- Nov 2053
Assumption
Assumption + second
$1,550/mo
+$475/mo- Down payment
- $18,951
- Funds due
- $28,688
- Interest + MI left
- $262,548
- First ends
- Nov 2053
New loan
New conventional
$1,461/mo
+$386/mo- Down payment
- $18,951
- Funds due
- $25,445
- Interest + MI left
- $257,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $111,049 | $111,049 | $170,049 |
| Second mortgage | — | $59,000 | — |
| First P&I | $772.52 | $772.52 | $1,177.38 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $52.58 | $52.58 | $34.01 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,075.10 | $1,549.83 | $1,461.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,951
Closing costs & prepaids$9,737
Usable credit−$0
Total buyer cash needed$28,688
Earnest money paid−$0
Remaining funds due$28,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,890.00
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)$300.00
Prepaid interest, first (2 days)$43.32
Prepaid interest, second (2 days)$29.10
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 yrOf the original 30-year loan at 7.120%
Interest already paid$24,137Through Nov 2026
Assumption only · ends Nov 2053$150,646
Assumption + second · ends Nov 2053, second Dec 2056$262,548
New conventional · ends Dec 2056$257,891