Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$245/mo
Lowest payment- Down payment
- $118,892
- Funds due
- $126,528
- Interest + MI left
- $7,518
- First ends
- Sep 2052
Assumption
Assumption + second
$1,023/mo
+$778/mo- Down payment
- $12,892
- Funds due
- $21,987
- Interest + MI left
- $181,522
- First ends
- Sep 2052
New loan
New conventional
$982/mo
+$737/mo- Down payment
- $12,892
- Funds due
- $18,787
- Interest + MI left
- $163,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $6,108 | $6,108 | $112,108 |
| Second mortgage | — | $106,000 | — |
| First P&I | $42.20 | $42.20 | $759.46 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $2.88 | $2.88 | $22.42 |
| Taxes, insurance & HOA | $200.00 | $200.00 | $200.00 |
| Total housing payment | $245.08 | $1,022.87 | $981.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,892
Closing costs & prepaids$9,094
Usable credit−$0
Total buyer cash needed$21,987
Earnest money paid−$0
Remaining funds due$21,987
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,250.00
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)$150.00
Prepaid interest, first (9 days)$10.35
Prepaid interest, second (9 days)$209.10
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 closing25 yr 9 moOf the original 28-year loan at 6.87%
Interest already paid$959Through Dec 2026
Assumption only · ends Sep 2052$7,518
Assumption + second · ends Sep 2052, second Jan 2057$181,522
New conventional · ends Jan 2057$163,876