Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,657/mo
Lowest payment- Down payment
- $117,051
- Funds due
- $126,632
- Interest + MI left
- $243,525
- First ends
- Feb 2053
Assumption
Assumption + second
$2,357/mo
+$700/mo- Down payment
- $30,051
- Funds due
- $40,904
- Interest + MI left
- $408,533
- First ends
- Feb 2053
New loan
New conventional
$2,180/mo
+$523/mo- Down payment
- $30,051
- Funds due
- $37,551
- Interest + MI left
- $409,244
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $182,849 | $182,849 | $269,849 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,263.98 | $1,263.98 | $1,868.38 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $135.25 | $135.25 | $53.97 |
| Taxes, insurance & HOA | $257.33 | $257.33 | $257.33 |
| Total housing payment | $1,656.56 | $2,356.59 | $2,179.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,051
Closing costs & prepaids$10,852
Usable credit−$0
Total buyer cash needed$40,904
Earnest money paid−$0
Remaining funds due$40,904
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$322.00
Prepaid interest, first (1 days)$34.82
Prepaid interest, second (1 days)$21.45
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 closing26 yr 3 moOf the original 30-year loan at 6.950%
Interest already paid$48,779Through Nov 2026
Assumption only · ends Feb 2053$243,525
Assumption + second · ends Feb 2053, second Dec 2056$408,533
New conventional · ends Dec 2056$409,244