Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $101,118
- Funds due
- $110,930
- Interest + MI left
- $262,949
- First ends
- Jan 2053
Assumption
Assumption + second
$2,367/mo
+$571/mo- Down payment
- $30,118
- Funds due
- $41,285
- Interest + MI left
- $397,610
- First ends
- Jan 2053
New loan
New conventional
$2,152/mo
+$357/mo- Down payment
- $30,118
- Funds due
- $37,920
- Interest + MI left
- $394,612
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,882 | $198,882 | $269,882 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,377.91 | $1,377.91 | $1,828.27 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $147.45 | $147.45 | $53.98 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,795.36 | $2,366.64 | $2,152.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,118
Closing costs & prepaids$11,167
Usable credit−$0
Total buyer cash needed$41,285
Earnest money paid−$0
Remaining funds due$41,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Prepaid interest, first (6 days)$227.22
Prepaid interest, second (6 days)$105.04
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 closing26 yr 1 moOf the original 30-year loan at 6.95%
Interest already paid$55,484Through Dec 2026
Assumption only · ends Jan 2053$262,949
Assumption + second · ends Jan 2053, second Jan 2057$397,610
New conventional · ends Jan 2057$394,612