Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,855/mo
Lowest payment- Down payment
- $60,297
- Funds due
- $69,703
- Interest + MI left
- $301,975
- First ends
- Jul 2054
Assumption
Assumption + second
$2,113/mo
+$257/mo- Down payment
- $28,297
- Funds due
- $38,969
- Interest + MI left
- $362,668
- First ends
- Jul 2054
New loan
New conventional
$2,023/mo
+$168/mo- Down payment
- $28,297
- Funds due
- $35,636
- Interest + MI left
- $373,891
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,603 | $214,603 | $246,603 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,488.18 | $1,488.18 | $1,707.43 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $100.79 | $100.79 | $49.32 |
| Taxes, insurance & HOA | $266.08 | $266.08 | $266.08 |
| Total housing payment | $1,855.05 | $2,112.53 | $2,022.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,297
Closing costs & prepaids$10,672
Usable credit−$0
Total buyer cash needed$38,969
Earnest money paid−$0
Remaining funds due$38,969
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$348.25
Prepaid interest, first (2 days)$84.31
Prepaid interest, second (2 days)$15.78
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 8 moOf the original 30-year loan at 7.170%
Interest already paid$36,374Through Nov 2026
Assumption only · ends Jul 2054$301,975
Assumption + second · ends Jul 2054, second Dec 2056$362,668
New conventional · ends Dec 2056$373,891