Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,793/mo
Lowest payment- Down payment
- $96,118
- Funds due
- $105,874
- Interest + MI left
- $262,949
- First ends
- Jan 2053
Assumption
Assumption + second
$2,324/mo
+$531/mo- Down payment
- $30,118
- Funds due
- $41,222
- Interest + MI left
- $388,127
- First ends
- Jan 2053
New loan
New conventional
$2,115/mo
+$322/mo- Down payment
- $30,118
- Funds due
- $37,858
- Interest + MI left
- $387,248
- 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 | $264,882 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,377.91 | $1,377.91 | $1,794.40 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $147.45 | $147.45 | $52.98 |
| Taxes, insurance & HOA | $268.00 | $268.00 | $268.00 |
| Total housing payment | $1,793.36 | $2,324.41 | $2,115.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,118
Closing costs & prepaids$11,104
Usable credit−$0
Total buyer cash needed$41,222
Earnest money paid−$0
Remaining funds due$41,222
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)$354.00
Prepaid interest, first (6 days)$227.22
Prepaid interest, second (6 days)$97.64
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$388,127
New conventional · ends Jan 2057$387,248