Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,904/mo
Lowest payment- Down payment
- $39,867
- Funds due
- $49,465
- Interest + MI left
- $306,797
- First ends
- Jul 2054
Assumption
Assumption + second
$2,169/mo
+$265/mo- Down payment
- $13,867
- Funds due
- $24,791
- Interest + MI left
- $376,175
- First ends
- Jul 2054
New loan
New conventional
$2,019/mo
+$115/mo- Down payment
- $13,867
- Funds due
- $21,585
- Interest + MI left
- $370,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,633 | $226,633 | $252,633 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,540.33 | $1,540.33 | $1,711.42 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $106.65 | $106.65 | $50.53 |
| Taxes, insurance & HOA | $256.58 | $256.58 | $256.58 |
| Total housing payment | $1,903.57 | $2,168.51 | $2,018.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,867
Closing costs & prepaids$10,924
Usable credit−$0
Total buyer cash needed$24,791
Earnest money paid−$0
Remaining funds due$24,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,665.00
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)$319.75
Prepaid interest, first (9 days)$388.38
Prepaid interest, second (9 days)$76.13
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 6.95%
Interest already paid$38,606Through Dec 2026
Assumption only · ends Jul 2054$306,797
Assumption + second · ends Jul 2054, second Jan 2057$376,175
New conventional · ends Jan 2057$370,705