Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,779/mo
Lowest payment- Down payment
- $61,732
- Funds due
- $71,145
- Interest + MI left
- $274,506
- First ends
- Sep 2054
Assumption
Assumption + second
$2,060/mo
+$282/mo- Down payment
- $26,732
- Funds due
- $37,404
- Interest + MI left
- $340,889
- First ends
- Sep 2054
New loan
New conventional
$2,014/mo
+$235/mo- Down payment
- $26,732
- Funds due
- $34,088
- Interest + MI left
- $361,349
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,268 | $203,268 | $238,268 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,366.77 | $1,366.77 | $1,649.72 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $95.41 | $95.41 | $47.65 |
| Taxes, insurance & HOA | $316.58 | $316.58 | $316.58 |
| Total housing payment | $1,778.76 | $2,060.38 | $2,013.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,732
Closing costs & prepaids$10,672
Usable credit−$0
Total buyer cash needed$37,404
Earnest money paid−$0
Remaining funds due$37,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$499.75
Prepaid interest, first (1 days)$38.26
Prepaid interest, second (1 days)$8.63
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 10 moOf the original 30-year loan at 6.870%
Interest already paid$30,643Through Nov 2026
Assumption only · ends Sep 2054$274,506
Assumption + second · ends Sep 2054, second Dec 2056$340,889
New conventional · ends Dec 2056$361,349