Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$994/mo
Lowest payment- Down payment
- $42,826
- Funds due
- $50,917
- Interest + MI left
- $147,488
- First ends
- Aug 2054
Assumption
Assumption + second
$1,211/mo
+$217/mo- Down payment
- $15,826
- Funds due
- $25,227
- Interest + MI left
- $198,697
- First ends
- Aug 2054
New loan
New conventional
$1,146/mo
+$152/mo- Down payment
- $15,826
- Funds due
- $22,010
- Interest + MI left
- $196,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,174 | $107,174 | $134,174 |
| Second mortgage | — | $27,000 | — |
| First P&I | $733.32 | $733.32 | $908.94 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $50.37 | $50.37 | $26.83 |
| Taxes, insurance & HOA | $210.00 | $210.00 | $210.00 |
| Total housing payment | $993.68 | $1,210.93 | $1,145.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,826
Closing costs & prepaids$9,401
Usable credit−$0
Total buyer cash needed$25,227
Earnest money paid−$0
Remaining funds due$25,227
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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)$180.00
Prepaid interest, first (9 days)$185.78
Prepaid interest, second (9 days)$59.92
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 8 moOf the original 30-year loan at 7.03%
Interest already paid$17,817Through Dec 2026
Assumption only · ends Aug 2054$147,488
Assumption + second · ends Aug 2054, second Jan 2057$198,697
New conventional · ends Jan 2057$196,104