Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$956/mo
Lowest payment- Down payment
- $42,721
- Funds due
- $50,534
- Interest + MI left
- $148,157
- First ends
- Aug 2054
Assumption
Assumption + second
$1,173/mo
+$217/mo- Down payment
- $15,721
- Funds due
- $24,790
- Interest + MI left
- $199,366
- First ends
- Aug 2054
New loan
New conventional
$1,129/mo
+$173/mo- Down payment
- $15,721
- Funds due
- $21,583
- Interest + MI left
- $203,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $107,279 | $107,279 | $134,279 |
| Second mortgage | — | $27,000 | — |
| First P&I | $733.32 | $733.32 | $929.72 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $50.37 | $50.37 | $26.86 |
| Taxes, insurance & HOA | $172.25 | $172.25 | $172.25 |
| Total housing payment | $955.93 | $1,173.18 | $1,128.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,721
Closing costs & prepaids$9,069
Usable credit−$0
Total buyer cash needed$24,790
Earnest money paid−$0
Remaining funds due$24,790
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,500.00
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)$66.75
Prepaid interest, first (1 days)$20.66
Prepaid interest, second (1 days)$6.66
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 9 moOf the original 30-year loan at 7.030%
Interest already paid$17,188Through Nov 2026
Assumption only · ends Aug 2054$148,157
Assumption + second · ends Aug 2054, second Dec 2056$199,366
New conventional · ends Dec 2056$203,563