Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$14,085/mo
+$12,221/mo- Down payment
- $124,952
- Funds due
- $133,954
- Interest + MI left
- $4,759
- First ends
- Sep 2027
Assumption
Assumption + second
$14,882/mo
+$13,017/mo- Down payment
- $25,952
- Funds due
- $36,229
- Interest + MI left
- $192,527
- First ends
- Sep 2027
New loan
New conventional
$1,865/mo
Lowest payment- Down payment
- $25,952
- Funds due
- $32,918
- Interest + MI left
- $353,433
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,048 | $134,048 | $233,048 |
| Second mortgage | — | $99,000 | — |
| First P&I | $13,807.43 | $13,807.43 | $1,613.58 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $73.33 | $73.33 | $46.61 |
| Taxes, insurance & HOA | $204.58 | $204.58 | $204.58 |
| Total housing payment | $14,085.34 | $14,881.92 | $1,864.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,952
Closing costs & prepaids$10,277
Usable credit−$0
Total buyer cash needed$36,229
Earnest money paid−$0
Remaining funds due$36,229
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)$163.75
Prepaid interest, first (1 days)$23.87
Prepaid interest, second (1 days)$24.41
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 closing10 moOf the original 1-year loan at 6.500%
Interest already paid$1,663Through Nov 2026
Assumption only · ends Sep 2027$4,759
Assumption + second · ends Sep 2027, second Dec 2056$192,527
New conventional · ends Dec 2056$353,433