Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,270/mo
Lowest payment- Down payment
- $51,997
- Funds due
- $60,464
- Interest + MI left
- $200,517
- First ends
- Jan 2054
Assumption
Assumption + second
$1,536/mo
+$266/mo- Down payment
- $18,997
- Funds due
- $28,763
- Interest + MI left
- $263,106
- First ends
- Jan 2054
New loan
New conventional
$1,382/mo
+$112/mo- Down payment
- $18,997
- Funds due
- $25,500
- Interest + MI left
- $242,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,003 | $133,003 | $166,003 |
| Second mortgage | — | $33,000 | — |
| First P&I | $983.49 | $983.49 | $1,124.56 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $62.68 | $62.68 | $33.20 |
| Taxes, insurance & HOA | $224.00 | $224.00 | $224.00 |
| Total housing payment | $1,270.17 | $1,535.69 | $1,381.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,997
Closing costs & prepaids$9,766
Usable credit−$0
Total buyer cash needed$28,763
Earnest money paid−$0
Remaining funds due$28,763
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$222.00
Prepaid interest, first (6 days)$170.32
Prepaid interest, second (6 days)$48.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 1 moOf the original 30-year loan at 7.79%
Interest already paid$30,674Through Dec 2026
Assumption only · ends Jan 2054$200,517
Assumption + second · ends Jan 2054, second Jan 2057$263,106
New conventional · ends Jan 2057$242,691