Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,644/mo
Lowest payment- Down payment
- $143,813
- Funds due
- $153,953
- Interest + MI left
- $259,028
- First ends
- Jan 2054
Assumption
Assumption + second
$2,458/mo
+$814/mo- Down payment
- $32,813
- Funds due
- $44,422
- Interest + MI left
- $441,240
- First ends
- Jan 2054
New loan
New conventional
$2,281/mo
+$637/mo- Down payment
- $32,813
- Funds due
- $41,002
- Interest + MI left
- $419,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,187 | $176,187 | $287,187 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,282.73 | $1,282.73 | $1,945.50 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $83.10 | $83.10 | $57.44 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,643.84 | $2,458.32 | $2,280.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,813
Closing costs & prepaids$11,609
Usable credit−$0
Total buyer cash needed$44,422
Earnest money paid−$0
Remaining funds due$44,422
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (9 days)$331.04
Prepaid interest, second (9 days)$218.96
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 1 moOf the original 30-year loan at 7.62%
Interest already paid$39,765Through Dec 2026
Assumption only · ends Jan 2054$259,028
Assumption + second · ends Jan 2054, second Jan 2057$441,240
New conventional · ends Jan 2057$419,857