Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,743/mo
Lowest payment- Down payment
- $183,844
- Funds due
- $194,191
- Interest + MI left
- $290,789
- First ends
- Jun 2054
Assumption
Assumption + second
$2,792/mo
+$1,049/mo- Down payment
- $40,844
- Funds due
- $52,472
- Interest + MI left
- $525,531
- First ends
- Jun 2054
New loan
New conventional
$2,732/mo
+$989/mo- Down payment
- $40,844
- Funds due
- $49,014
- Interest + MI left
- $543,096
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,156 | $215,156 | $358,156 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,460.92 | $1,460.92 | $2,479.80 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $101.26 | $101.26 | $71.63 |
| Taxes, insurance & HOA | $180.42 | $180.42 | $180.42 |
| Total housing payment | $1,742.59 | $2,791.88 | $2,731.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,844
Closing costs & prepaids$11,629
Usable credit−$0
Total buyer cash needed$52,472
Earnest money paid−$0
Remaining funds due$52,472
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$91.25
Prepaid interest, first (1 days)$40.91
Prepaid interest, second (1 days)$31.34
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 7 moOf the original 30-year loan at 6.940%
Interest already paid$36,599Through Nov 2026
Assumption only · ends Jun 2054$290,789
Assumption + second · ends Jun 2054, second Dec 2056$525,531
New conventional · ends Dec 2056$543,096