Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,896/mo
Lowest payment- Down payment
- $150,400
- Funds due
- $160,982
- Interest + MI left
- $279,317
- First ends
- Jul 2054
Assumption
Assumption + second
$2,740/mo
+$844/mo- Down payment
- $35,400
- Funds due
- $47,257
- Interest + MI left
- $468,095
- First ends
- Jul 2054
New loan
New conventional
$2,660/mo
+$764/mo- Down payment
- $35,400
- Funds due
- $43,853
- Interest + MI left
- $475,381
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,500 | $198,500 | $313,500 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,376.51 | $1,376.51 | $2,170.61 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | $93.22 | $93.22 | $62.70 |
| Taxes, insurance & HOA | $426.50 | $426.50 | $426.50 |
| Total housing payment | $1,896.24 | $2,740.07 | $2,659.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,400
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$47,257
Earnest money paid−$0
Remaining funds due$47,257
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,489.00
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)$829.50
Prepaid interest, first (1 days)$38.99
Prepaid interest, second (1 days)$25.21
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 8 moOf the original 30-year loan at 7.170%
Interest already paid$33,645Through Nov 2026
Assumption only · ends Jul 2054$279,317
Assumption + second · ends Jul 2054, second Dec 2056$468,095
New conventional · ends Dec 2056$475,381