Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,336/mo
Lowest payment- Down payment
- $83,510
- Funds due
- $92,533
- Interest + MI left
- $192,151
- First ends
- Dec 2054
Assumption
Assumption + second
$1,827/mo
+$491/mo- Down payment
- $22,510
- Funds due
- $32,798
- Interest + MI left
- $307,846
- First ends
- Dec 2054
New loan
New conventional
$1,766/mo
+$430/mo- Down payment
- $22,510
- Funds due
- $29,523
- Interest + MI left
- $307,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,490 | $141,490 | $202,490 |
| Second mortgage | — | $61,000 | — |
| First P&I | $945.79 | $945.79 | $1,402.00 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $66.22 | $66.22 | $40.50 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,336.01 | $1,826.83 | $1,766.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,510
Closing costs & prepaids$10,289
Usable credit−$0
Total buyer cash needed$32,798
Earnest money paid−$0
Remaining funds due$32,798
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$522.00
Prepaid interest, first (1 days)$26.51
Prepaid interest, second (1 days)$15.04
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 closing28 yr 1 moOf the original 30-year loan at 6.840%
Interest already paid$18,758Through Nov 2026
Assumption only · ends Dec 2054$192,151
Assumption + second · ends Dec 2054, second Dec 2056$307,846
New conventional · ends Dec 2056$307,090