Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,918/mo
Lowest payment- Down payment
- $39,640
- Funds due
- $48,937
- Interest + MI left
- $308,195
- First ends
- Jul 2054
Assumption
Assumption + second
$2,183/mo
+$265/mo- Down payment
- $13,640
- Funds due
- $24,196
- Interest + MI left
- $377,574
- First ends
- Jul 2054
New loan
New conventional
$2,073/mo
+$154/mo- Down payment
- $13,640
- Funds due
- $21,009
- Interest + MI left
- $384,794
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,860 | $226,860 | $252,860 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,540.33 | $1,540.33 | $1,750.75 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $106.65 | $106.65 | $50.57 |
| Taxes, insurance & HOA | $271.25 | $271.25 | $271.25 |
| Total housing payment | $1,918.24 | $2,183.18 | $2,072.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,640
Closing costs & prepaids$10,555
Usable credit−$0
Total buyer cash needed$24,196
Earnest money paid−$0
Remaining funds due$24,196
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,665.00
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)$363.75
Prepaid interest, first (1 days)$43.20
Prepaid interest, second (1 days)$8.46
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 8 moOf the original 30-year loan at 6.950%
Interest already paid$37,292Through Nov 2026
Assumption only · ends Jul 2054$308,195
Assumption + second · ends Jul 2054, second Dec 2056$377,574
New conventional · ends Dec 2056$384,794