Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $117,256
- Funds due
- $127,153
- Interest + MI left
- $242,364
- First ends
- Feb 2053
Assumption
Assumption + second
$2,369/mo
+$700/mo- Down payment
- $30,256
- Funds due
- $41,597
- Interest + MI left
- $407,372
- First ends
- Feb 2053
New loan
New conventional
$2,151/mo
+$481/mo- Down payment
- $30,256
- Funds due
- $38,215
- Interest + MI left
- $394,264
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,644 | $182,644 | $269,644 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,263.98 | $1,263.98 | $1,826.66 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $135.25 | $135.25 | $53.93 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,669.23 | $2,369.25 | $2,150.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,256
Closing costs & prepaids$11,340
Usable credit−$0
Total buyer cash needed$41,597
Earnest money paid−$0
Remaining funds due$41,597
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$313.00
Prepaid interest, second (9 days)$193.07
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 closing26 yr 2 moOf the original 30-year loan at 6.95%
Interest already paid$49,838Through Dec 2026
Assumption only · ends Feb 2053$242,364
Assumption + second · ends Feb 2053, second Jan 2057$407,372
New conventional · ends Jan 2057$394,264