Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,866/mo
Lowest payment- Down payment
- $41,945
- Funds due
- $51,702
- Interest + MI left
- $276,168
- First ends
- Sep 2054
Assumption
Assumption + second
$2,161/mo
+$296/mo- Down payment
- $12,945
- Funds due
- $24,037
- Interest + MI left
- $353,552
- First ends
- Sep 2054
New loan
New conventional
$2,015/mo
+$150/mo- Down payment
- $12,945
- Funds due
- $20,837
- Interest + MI left
- $341,243
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,555 | $203,555 | $232,555 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,376.72 | $1,376.72 | $1,575.41 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $95.61 | $95.61 | $46.51 |
| Taxes, insurance & HOA | $393.17 | $393.17 | $393.17 |
| Total housing payment | $1,865.51 | $2,161.02 | $2,015.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,945
Closing costs & prepaids$11,092
Usable credit−$0
Total buyer cash needed$24,037
Earnest money paid−$0
Remaining funds due$24,037
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,455.00
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)$294.50
Initial HOA (3 months)$435.00
Prepaid interest, first (9 days)$347.33
Prepaid interest, second (9 days)$84.91
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 9 moOf the original 30-year loan at 6.92%
Interest already paid$32,112Through Dec 2026
Assumption only · ends Sep 2054$276,168
Assumption + second · ends Sep 2054, second Jan 2057$353,552
New conventional · ends Jan 2057$341,243