Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,872/mo
Lowest payment- Down payment
- $184,060
- Funds due
- $195,122
- Interest + MI left
- $289,465
- First ends
- Jun 2054
Assumption
Assumption + second
$2,928/mo
+$1,057/mo- Down payment
- $40,060
- Funds due
- $52,656
- Interest + MI left
- $525,848
- First ends
- Jun 2054
New loan
New conventional
$2,813/mo
+$941/mo- Down payment
- $40,060
- Funds due
- $49,189
- Interest + MI left
- $524,830
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $214,940 | $214,940 | $358,940 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,460.92 | $1,460.92 | $2,431.58 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $101.26 | $101.26 | $71.79 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,871.76 | $2,928.38 | $2,812.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,060
Closing costs & prepaids$12,596
Usable credit−$0
Total buyer cash needed$52,656
Earnest money paid−$0
Remaining funds due$52,656
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (9 days)$367.81
Prepaid interest, second (9 days)$284.05
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 6 moOf the original 30-year loan at 6.94%
Interest already paid$37,843Through Dec 2026
Assumption only · ends Jun 2054$289,465
Assumption + second · ends Jun 2054, second Jan 2057$525,848
New conventional · ends Jan 2057$524,830