Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $38,257
- Funds due
- $47,793
- Interest + MI left
- $268,235
- First ends
- Jun 2054
Assumption
Assumption + second
$2,145/mo
+$265/mo- Down payment
- $12,257
- Funds due
- $23,060
- Interest + MI left
- $337,614
- First ends
- Jun 2054
New loan
New conventional
$2,047/mo
+$167/mo- Down payment
- $12,257
- Funds due
- $19,887
- Interest + MI left
- $345,050
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,743 | $200,743 | $226,743 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,353.87 | $1,353.87 | $1,569.92 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $94.51 | $94.51 | $45.35 |
| Taxes, insurance & HOA | $431.83 | $431.83 | $431.83 |
| Total housing payment | $1,880.21 | $2,145.15 | $2,047.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,257
Closing costs & prepaids$10,803
Usable credit−$0
Total buyer cash needed$23,060
Earnest money paid−$0
Remaining funds due$23,060
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,390.00
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)$845.50
Prepaid interest, first (2 days)$75.57
Prepaid interest, second (2 days)$16.92
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 7 moOf the original 30-year loan at 6.870%
Interest already paid$33,809Through Nov 2026
Assumption only · ends Jun 2054$268,235
Assumption + second · ends Jun 2054, second Dec 2056$337,614
New conventional · ends Dec 2056$345,050