Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,036/mo
Lowest payment- Down payment
- $56,895
- Funds due
- $66,561
- Interest + MI left
- $317,758
- First ends
- Feb 2054
Assumption
Assumption + second
$2,253/mo
+$217/mo- Down payment
- $29,895
- Funds due
- $40,817
- Interest + MI left
- $368,968
- First ends
- Feb 2054
New loan
New conventional
$2,187/mo
+$151/mo- Down payment
- $29,895
- Funds due
- $37,470
- Interest + MI left
- $401,997
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,105 | $238,105 | $265,105 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,624.89 | $1,624.89 | $1,835.53 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $112.51 | $112.51 | $53.02 |
| Taxes, insurance & HOA | $298.42 | $298.42 | $298.42 |
| Total housing payment | $2,035.81 | $2,253.06 | $2,186.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,895
Closing costs & prepaids$10,922
Usable credit−$0
Total buyer cash needed$40,817
Earnest money paid−$0
Remaining funds due$40,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$445.25
Prepaid interest, first (1 days)$45.34
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 3 moOf the original 30-year loan at 6.950%
Interest already paid$46,255Through Nov 2026
Assumption only · ends Feb 2054$317,758
Assumption + second · ends Feb 2054, second Dec 2056$368,968
New conventional · ends Dec 2056$401,997