Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,773/mo
Lowest payment- Down payment
- $80,724
- Funds due
- $90,119
- Interest + MI left
- $298,456
- First ends
- Jul 2054
Assumption
Assumption + second
$2,175/mo
+$402/mo- Down payment
- $30,724
- Funds due
- $41,394
- Interest + MI left
- $393,289
- First ends
- Jul 2054
New loan
New conventional
$2,093/mo
+$321/mo- Down payment
- $30,724
- Funds due
- $38,038
- Interest + MI left
- $406,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,276 | $218,276 | $268,276 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,487.78 | $1,487.78 | $1,857.49 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $102.60 | $102.60 | $53.66 |
| Taxes, insurance & HOA | $182.33 | $182.33 | $182.33 |
| Total housing payment | $1,772.71 | $2,175.02 | $2,093.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,724
Closing costs & prepaids$10,670
Usable credit−$0
Total buyer cash needed$41,394
Earnest money paid−$0
Remaining funds due$41,394
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)$97.00
Prepaid interest, first (2 days)$83.60
Prepaid interest, second (2 days)$24.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6.990%
Interest already paid$36,084Through Nov 2026
Assumption only · ends Jul 2054$298,456
Assumption + second · ends Jul 2054, second Dec 2056$393,289
New conventional · ends Dec 2056$406,751