Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,742/mo
Lowest payment- Down payment
- $53,989
- Funds due
- $63,074
- Interest + MI left
- $276,912
- First ends
- Dec 2053
Assumption
Assumption + second
$1,967/mo
+$225/mo- Down payment
- $25,989
- Funds due
- $36,331
- Interest + MI left
- $330,018
- First ends
- Dec 2053
New loan
New conventional
$1,887/mo
+$145/mo- Down payment
- $25,989
- Funds due
- $33,022
- Interest + MI left
- $353,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,011 | $205,011 | $233,011 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,418.01 | $1,418.01 | $1,613.32 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $97.00 | $97.00 | $46.60 |
| Taxes, insurance & HOA | $226.83 | $226.83 | $226.83 |
| Total housing payment | $1,741.84 | $1,967.14 | $1,886.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,989
Closing costs & prepaids$10,342
Usable credit−$0
Total buyer cash needed$36,331
Earnest money paid−$0
Remaining funds due$36,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,590.00
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)$230.50
Prepaid interest, first (1 days)$39.71
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 1 moOf the original 30-year loan at 7.070%
Interest already paid$43,001Through Nov 2026
Assumption only · ends Dec 2053$276,912
Assumption + second · ends Dec 2053, second Dec 2056$330,018
New conventional · ends Dec 2056$353,377