Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$229/mo
Lowest payment- Down payment
- $114,580
- Funds due
- $122,145
- Interest + MI left
- $5,789
- First ends
- Mar 2054
Assumption
Assumption + second
$978/mo
+$748/mo- Down payment
- $12,580
- Funds due
- $21,596
- Interest + MI left
- $173,228
- First ends
- Mar 2054
New loan
New conventional
$940/mo
+$710/mo- Down payment
- $12,580
- Funds due
- $18,400
- Interest + MI left
- $155,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $4,420 | $4,420 | $106,420 |
| Second mortgage | — | $102,000 | — |
| First P&I | $29.85 | $29.85 | $720.93 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $2.07 | $2.07 | $21.28 |
| Taxes, insurance & HOA | $197.58 | $197.58 | $197.58 |
| Total housing payment | $229.50 | $977.94 | $939.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,580
Closing costs & prepaids$9,016
Usable credit−$0
Total buyer cash needed$21,596
Earnest money paid−$0
Remaining funds due$21,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,190.00
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)$142.75
Prepaid interest, first (9 days)$7.45
Prepaid interest, second (9 days)$201.21
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 3 moOf the original 29-year loan at 6.84%
Interest already paid$535Through Dec 2026
Assumption only · ends Mar 2054$5,789
Assumption + second · ends Mar 2054, second Jan 2057$173,228
New conventional · ends Jan 2057$155,540