Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,289/mo
Lowest payment- Down payment
- $61,450
- Funds due
- $70,222
- Interest + MI left
- $199,058
- First ends
- Jul 2054
Assumption
Assumption + second
$1,611/mo
+$322/mo- Down payment
- $21,450
- Funds due
- $31,561
- Interest + MI left
- $274,924
- First ends
- Jul 2054
New loan
New conventional
$1,512/mo
+$223/mo- Down payment
- $21,450
- Funds due
- $28,281
- Interest + MI left
- $268,307
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,550 | $143,550 | $183,550 |
| Second mortgage | — | $40,000 | — |
| First P&I | $989.79 | $989.79 | $1,243.43 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $67.50 | $67.50 | $36.71 |
| Taxes, insurance & HOA | $232.00 | $232.00 | $232.00 |
| Total housing payment | $1,289.29 | $1,611.14 | $1,512.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,450
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$31,561
Earnest money paid−$0
Remaining funds due$31,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,050.00
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)$246.00
Prepaid interest, first (9 days)$251.31
Prepaid interest, second (9 days)$88.77
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 7.1%
Interest already paid$24,971Through Dec 2026
Assumption only · ends Jul 2054$199,058
Assumption + second · ends Jul 2054, second Jan 2057$274,924
New conventional · ends Jan 2057$268,307