Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $122,753
- Funds due
- $133,046
- Interest + MI left
- $289,774
- First ends
- Jan 2054
Assumption
Assumption + second
$2,559/mo
+$716/mo- Down payment
- $33,753
- Funds due
- $45,494
- Interest + MI left
- $458,575
- First ends
- Jan 2054
New loan
New conventional
$2,348/mo
+$505/mo- Down payment
- $33,753
- Funds due
- $42,061
- Interest + MI left
- $433,103
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,247 | $207,247 | $296,247 |
| Second mortgage | — | $89,000 | — |
| First P&I | $1,463.44 | $1,463.44 | $2,006.88 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $97.93 | $97.93 | $59.25 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,843.38 | $2,559.49 | $2,348.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,753
Closing costs & prepaids$11,741
Usable credit−$0
Total buyer cash needed$45,494
Earnest money paid−$0
Remaining funds due$45,494
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Prepaid interest, first (9 days)$372.53
Prepaid interest, second (9 days)$197.51
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 7.29%
Interest already paid$44,793Through Dec 2026
Assumption only · ends Jan 2054$289,774
Assumption + second · ends Jan 2054, second Jan 2057$458,575
New conventional · ends Jan 2057$433,103