Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,617/mo
Lowest payment- Down payment
- $143,650
- Funds due
- $153,453
- Interest + MI left
- $260,212
- First ends
- Jan 2054
Assumption
Assumption + second
$2,432/mo
+$814/mo- Down payment
- $32,650
- Funds due
- $43,752
- Interest + MI left
- $442,424
- First ends
- Jan 2054
New loan
New conventional
$2,299/mo
+$681/mo- Down payment
- $32,650
- Funds due
- $40,370
- Interest + MI left
- $435,728
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,350 | $176,350 | $287,350 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,282.73 | $1,282.73 | $1,989.55 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $83.10 | $83.10 | $57.47 |
| Taxes, insurance & HOA | $251.58 | $251.58 | $251.58 |
| Total housing payment | $1,617.42 | $2,431.90 | $2,298.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,650
Closing costs & prepaids$11,102
Usable credit−$0
Total buyer cash needed$43,752
Earnest money paid−$0
Remaining funds due$43,752
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$304.75
Prepaid interest, first (2 days)$73.63
Prepaid interest, second (2 days)$48.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 7.620%
Interest already paid$38,645Through Nov 2026
Assumption only · ends Jan 2054$260,212
Assumption + second · ends Jan 2054, second Dec 2056$442,424
New conventional · ends Dec 2056$435,728