Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,358/mo
Lowest payment- Down payment
- $58,899
- Funds due
- $67,546
- Interest + MI left
- $213,306
- First ends
- Jul 2054
Assumption
Assumption + second
$1,655/mo
+$298/mo- Down payment
- $21,899
- Funds due
- $31,814
- Interest + MI left
- $283,482
- First ends
- Jul 2054
New loan
New conventional
$1,596/mo
+$238/mo- Down payment
- $21,899
- Funds due
- $28,546
- Interest + MI left
- $292,660
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,001 | $156,001 | $193,001 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,063.31 | $1,063.31 | $1,336.30 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $73.33 | $73.33 | $38.60 |
| Taxes, insurance & HOA | $221.08 | $221.08 | $221.08 |
| Total housing payment | $1,357.72 | $1,655.43 | $1,595.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,899
Closing costs & prepaids$9,915
Usable credit−$0
Total buyer cash needed$31,814
Earnest money paid−$0
Remaining funds due$31,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$213.25
Prepaid interest, first (2 days)$59.75
Prepaid interest, second (2 days)$18.25
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 6.990%
Interest already paid$25,789Through Nov 2026
Assumption only · ends Jul 2054$213,306
Assumption + second · ends Jul 2054, second Dec 2056$283,482
New conventional · ends Dec 2056$292,660