Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,218/mo
Lowest payment- Down payment
- $51,957
- Funds due
- $60,572
- Interest + MI left
- $193,943
- First ends
- Sep 2055
Assumption
Assumption + second
$1,476/mo
+$257/mo- Down payment
- $19,957
- Funds due
- $29,893
- Interest + MI left
- $254,635
- First ends
- Sep 2055
New loan
New conventional
$1,430/mo
+$212/mo- Down payment
- $19,957
- Funds due
- $26,644
- Interest + MI left
- $252,217
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,543 | $140,543 | $172,543 |
| Second mortgage | — | $32,000 | — |
| First P&I | $925.82 | $925.82 | $1,168.87 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $65.29 | $65.29 | $34.51 |
| Taxes, insurance & HOA | $227.00 | $227.00 | $227.00 |
| Total housing payment | $1,218.11 | $1,475.59 | $1,430.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,957
Closing costs & prepaids$9,937
Usable credit−$0
Total buyer cash needed$29,893
Earnest money paid−$0
Remaining funds due$29,893
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,925.00
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)$231.00
Prepaid interest, first (9 days)$234.61
Prepaid interest, second (9 days)$71.01
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 closing28 yr 9 moOf the original 30-year loan at 6.77%
Interest already paid$11,981Through Dec 2026
Assumption only · ends Sep 2055$193,943
Assumption + second · ends Sep 2055, second Jan 2057$254,635
New conventional · ends Jan 2057$252,217