Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $80,940
- Funds due
- $90,890
- Interest + MI left
- $297,103
- First ends
- Jul 2054
Assumption
Assumption + second
$2,270/mo
+$410/mo- Down payment
- $29,940
- Funds due
- $41,253
- Interest + MI left
- $393,832
- First ends
- Jul 2054
New loan
New conventional
$2,146/mo
+$286/mo- Down payment
- $29,940
- Funds due
- $37,891
- Interest + MI left
- $393,410
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,060 | $218,060 | $269,060 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,487.78 | $1,487.78 | $1,822.71 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $102.60 | $102.60 | $53.81 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $1,859.96 | $2,270.32 | $2,146.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,940
Closing costs & prepaids$11,313
Usable credit−$0
Total buyer cash needed$41,253
Earnest money paid−$0
Remaining funds due$41,253
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (9 days)$375.84
Prepaid interest, second (9 days)$113.18
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 7 moOf the original 30-year loan at 6.99%
Interest already paid$37,355Through Dec 2026
Assumption only · ends Jul 2054$297,103
Assumption + second · ends Jul 2054, second Jan 2057$393,832
New conventional · ends Jan 2057$393,410