Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,888/mo
Lowest payment- Down payment
- $188,910
- Funds due
- $200,963
- Interest + MI left
- $506,860
- First ends
- Jan 2054
Assumption
Assumption + second
$3,878/mo
+$991/mo- Down payment
- $53,910
- Funds due
- $67,243
- Interest + MI left
- $728,469
- First ends
- Jan 2054
New loan
New conventional
$3,646/mo
+$758/mo- Down payment
- $53,910
- Funds due
- $63,650
- Interest + MI left
- $729,605
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,090 | $346,090 | $481,090 |
| Second mortgage | — | $135,000 | — |
| First P&I | $2,505.82 | $2,505.82 | $3,330.97 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | $163.14 | $163.14 | $96.22 |
| Taxes, insurance & HOA | $218.75 | $218.75 | $218.75 |
| Total housing payment | $2,887.70 | $3,878.29 | $3,645.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,910
Closing costs & prepaids$13,333
Usable credit−$0
Total buyer cash needed$67,243
Earnest money paid−$0
Remaining funds due$67,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$156.25
Prepaid interest, first (1 days)$71.78
Prepaid interest, second (1 days)$29.59
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 2 moOf the original 30-year loan at 7.570%
Interest already paid$75,355Through Nov 2026
Assumption only · ends Jan 2054$506,860
Assumption + second · ends Jan 2054, second Dec 2056$728,469
New conventional · ends Dec 2056$729,605