Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,612/mo
Lowest payment- Down payment
- $77,201
- Funds due
- $86,370
- Interest + MI left
- $262,501
- First ends
- Sep 2054
Assumption
Assumption + second
$2,015/mo
+$402/mo- Down payment
- $27,201
- Funds due
- $37,633
- Interest + MI left
- $357,333
- First ends
- Sep 2054
New loan
New conventional
$1,949/mo
+$336/mo- Down payment
- $27,201
- Funds due
- $34,310
- Interest + MI left
- $368,221
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,799 | $192,799 | $242,799 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,302.69 | $1,302.69 | $1,681.09 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $90.47 | $90.47 | $48.56 |
| Taxes, insurance & HOA | $219.08 | $219.08 | $219.08 |
| Total housing payment | $1,612.24 | $2,014.55 | $1,948.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,201
Closing costs & prepaids$10,431
Usable credit−$0
Total buyer cash needed$37,633
Earnest money paid−$0
Remaining funds due$37,633
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$207.25
Prepaid interest, first (1 days)$36.55
Prepaid interest, second (1 days)$12.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 6.920%
Interest already paid$29,273Through Nov 2026
Assumption only · ends Sep 2054$262,501
Assumption + second · ends Sep 2054, second Dec 2056$357,333
New conventional · ends Dec 2056$368,221