Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,573/mo
Lowest payment- Down payment
- $72,858
- Funds due
- $82,197
- Interest + MI left
- $242,573
- First ends
- Dec 2053
Assumption
Assumption + second
$1,951/mo
+$378/mo- Down payment
- $25,858
- Funds due
- $36,551
- Interest + MI left
- $331,715
- First ends
- Dec 2053
New loan
New conventional
$1,813/mo
+$240/mo- Down payment
- $25,858
- Funds due
- $33,221
- Interest + MI left
- $327,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,132 | $177,132 | $224,132 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,239.20 | $1,239.20 | $1,518.35 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | $83.84 | $83.84 | $44.83 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,573.04 | $1,951.21 | $1,813.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,858
Closing costs & prepaids$10,693
Usable credit−$0
Total buyer cash needed$36,551
Earnest money paid−$0
Remaining funds due$36,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.90
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)$300.00
Prepaid interest, first (9 days)$313.60
Prepaid interest, second (9 days)$104.30
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 yrOf the original 30-year loan at 7.18%
Interest already paid$38,818Through Dec 2026
Assumption only · ends Dec 2053$242,573
Assumption + second · ends Dec 2053, second Jan 2057$331,715
New conventional · ends Jan 2057$327,628