Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,651/mo
Lowest payment- Down payment
- $77,392
- Funds due
- $86,970
- Interest + MI left
- $261,316
- First ends
- Sep 2054
Assumption
Assumption + second
$2,053/mo
+$402/mo- Down payment
- $27,392
- Funds due
- $38,331
- Interest + MI left
- $356,148
- First ends
- Sep 2054
New loan
New conventional
$1,950/mo
+$299/mo- Down payment
- $27,392
- Funds due
- $34,997
- Interest + MI left
- $354,733
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,608 | $192,608 | $242,608 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,302.69 | $1,302.69 | $1,643.51 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $90.47 | $90.47 | $48.52 |
| Taxes, insurance & HOA | $258.00 | $258.00 | $258.00 |
| Total housing payment | $1,651.16 | $2,053.47 | $1,950.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,392
Closing costs & prepaids$10,939
Usable credit−$0
Total buyer cash needed$38,331
Earnest money paid−$0
Remaining funds due$38,331
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Prepaid interest, first (9 days)$328.65
Prepaid interest, second (9 days)$110.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 6.92%
Interest already paid$30,385Through Dec 2026
Assumption only · ends Sep 2054$261,316
Assumption + second · ends Sep 2054, second Jan 2057$356,148
New conventional · ends Jan 2057$354,733